Kakao Mobility signs Saudi parking technology deal for Diriyah development

Seoul, South Korea - Kakao Mobility Corp. said that it has signed an agreement with Saudi authorities to provide parking technology for the Diriyah Project, a $63 billion urban development initiative the Saudi government is pursuing.

The South Korean company said the memorandum of understanding, signed on May 25, covers the supply of integrated mobility solutions for the 14-square-kilometer site.

Kakao Mobility said this marks its first overseas deployment of parking platform technology.

The Diriyah development is scheduled for completion by 2030 and will include parking infrastructure for approximately 60,000 vehicles, according to the company.

Kakao Mobility said it will conduct a proof-of-concept project in parts of the Diriyah site before considering potential expansion.

The company said it plans to use mobile network-based indoor positioning technology, which it calls "FIN," and a unified parking control system, designated "UPC."

The agreement covers the development of systems to operate parking infrastructure and handle parking reservations and digital payments, the company said.

Kakao Mobility Chief Executive Ryu Geung-seon and Diriyah Company Group CEO Jerry Inzerillo attended the signing ceremony, according to the company.

The proof of concept will test user experience, operational workflows, and smart parking infrastructure, according to Kakao Mobility.

The company said the memorandum includes potential discussions about expanding beyond parking solutions into broader mobility platform services.

"It is significant to participate in the Diriyah Project," Ryu said in a statement. "We will strive to prove the excellence of Kakao Mobility solutions overseas."

The company stated that the partnership represents an opportunity to showcase its technology in international markets, particularly in the Middle East.