Global Banking Corporation (GBCorp) announced on Wednesday that it has signed a memorandum of understanding with MAG Robotic Systems (MRS), an extended licensee of Robotic Parking Systems Inc's technology, the world leaders in automated parking systems, to provide total automated parking solutions, aimed at addressing the acute parking crisis in the region. The rapid growth in the real estate market through the development of new townships, creation of integrated business hub and large increase in traffic flow from neighboring states has resulted in critical shortage in parking space. Highlighting the tremendous market potential of the new company, Ahmed Al-Khan, head of Investment Banking at GBCorp, said: “GBCorp is addressing a critical niche market requirement for vertical parking solutions within the GCC countries. Market research statistics on parking spaces available in the Kingdom of Bahrain, as well as other countries in the region, have shown a huge shortfall in current supply as well as in the coming years, therefore, the concept of automated parking systems is very much relevant to the regional market”. Speaking on the strategic alliance with GBCorp, Dr. Hani Abu Auida, general manager at MRS, said: “MRS will provide GBCORP with the technical know-how and expertise that will enable GBCorp to set up a number of automated car parks in the Kingdom of Bahrain and to expand within the MENA region.” Emphasizing on the need for automated parking systems in the region, he added that “automated parking systems integrates the latest in laser and computer technology with conventional elevator components while eliminating most of the hassles of conventional parking. Automated parking systems also provide easy entry and exit, with safety and security advantages for users, maximizing space utility and significantly increasing the parking space capacity in comparison to conventional parking.” “The Kingdom of Bahrain's real estate market is positioned to witness solid growth into the foreseeable future, thanks to the high population density and an annual average population growth rate of 2.5 percent. Recent policy changes, allowing full foreign ownership of property in designated areas, are also expected to have a positive impact on the industry and to push property values even higher. Planning guidelines in the Kingdom of Bahrain stipulate that a minimum of one parking space needs to be provided per 40m² of lettable office space. Given the rising cost of real estate and the acute shortage in parking spaces, the concept of automated parking systems, addressing the need for space and cost efficient parking, is the perfect solution to the current and future parking requirements in the Kingdom of Bahrain and the region,” Al-Khan added. The e-parking solutions company will be actively supported by GBCorp's real estate subsidiary - Global Real Estate Development Co (Gredco). Speaking on the strategic alliance with MRS, Jari Ihalainen said “the signing of the memorandum of understanding with MRS is the first step in defining the way forward for the new company to promote the concept of automated parking systems as the premium solution to the region's parking problems and addressing the acute shortfall in demand, over a period of the next five years.” “Gredco, as a specialized organization with the skill set and market capital, will cater to the growing demands of the real estate development market, working closely with MRS in identifying key areas for growth and leveraging on global investment opportunities in key sectors,” he added. GBCorp provides a diversified portfolio of investment offerings that align with investors' personal values and ethics. As a fast-growing Islamic investment bank, it's aim is to provide its clients with global Shariah-compliant investment opportunities, while offering a professional and personalized service. Moafaq Al-Gaddah Group of Companies (MAG) was established in the UAE in 1978 as traders in car parts, batteries and tires. Today, it is a multinational organization with 18 offices throughout Europe, the Middle East and Asia. In the last five years, MAG has entered into the real estate development market and has invested in 12 properties, at various stages of development, across the residential, commercial and industrial sectors. MAG entered in to a partnership with Robotic Systems in early 2007. Robotic Parking Systems, Florida, US-based technology provider, is the holder of four US patents, with copyright and trademarks (e-park and e-garage) for an automated parking system. The patents give Robotic Parking the exclusive right to exclude others from making, using, offering for sale or selling their patented technology throughout the US or importing the technology into the mainland. __
