Kakao Mobility clinches 1st overseas deal with Saudi Arabia
Kakao Mobility CEO Ryu Gung-seon, left, poses with Diriyah Company Group CEO Jerry Inzerillo during the MOU signing ceremony at the Diriyah Gate Development Authority in Riyadh, Saudi Arabia, May 25. Courtesy of Kakao Mobility
Kakao Mobility has signed the company’s first overseas deal, exporting its parking platform solution to Saudi Arabia’s Diriyah Gate, an urban development project, the mobility platform operator said Sunday.
According to Kakao Mobility, CEO Ryu Gung-seon and Diriyah Company Group CEO Jerry Inzerillo signed the Memorandum of Understanding (MOU) during a ceremony at the Diriyah Gate Development Authority in Riyadh on May 25.
Diriyah Company is the master developer of a $63 billion project to transform a 14-square-kilometer area surrounding the town of Diriyah into a premium destination featuring luxury resorts, villas, hospitals and shopping centers.
Through the MOU, Kakao Mobility will operate parking infrastructure within the Diriyah area and develop an integrated system to manage parking reservations and payments.
The company will first focus on a pilot project in select parking areas of Diriyah, and then expand the parking solutions across the entire project’s area in consultation with Diriyah Company.
Diriyah Company plans to develop parking infrastructure that can accommodate more than 60,000 vehicles within the Diriyah area. Through the pilot project, the two sides will work together to establish an initial model of smart parking infrastructure and a digital platform applicable to large-scale parking areas.
Along with the parking solution, the MOU also provides an opportunity for Kakao Mobility to launch mobility services for the project.
According to Diriyah Company, the partnership “will expand to include advanced mobility solutions guided by the pilot’s success, market needs and Diriyah’s strategic vision.”
“Kakao Mobility will play a key role in driving development, sharing expertise, and ensuring seamless collaboration,” Diriyah Company said in a statement.
“We are honored to take part in the Diriyah project, which involves some of the world’s leading companies,” Kakao Mobility CEO Ryu said. “Based on our experience in offering mobility platform services such as taxi and rental car operations in overseas markets, we will do our best to demonstrate the strength of Kakao Mobility’s solutions.”
Diriyah Company Group CEO Inzerillo noted that the collaboration with Kakao Mobility “underscores our dedication to providing an exceptional experience for everyone.”
“By embracing the latest smart technologies in mobility and parking management, we are reinforcing our focus on operational excellence and digital transformation while further positioning Diriyah as a premier global destination,” Inzerillo said.
Kakao Mobility’s platform capabilities and technological expertise have continued to draw attention in global markets, including the Middle East. In October last year, a delegation from Sharjah Digital Department of the United Arab Emirates visited Kakao Mobility’s headquarters to experience its future mobility technologies and discuss potential areas of collaboration.