Okay, good morning. Welcome to the Salik Earnings Call. I'm going to hand you. This meeting is being recorded. And we're going to start the presentation. Adam, shall we start? Yes, thanks, Wassim. Thank you. Oh, thank you. Good afternoon and welcome to Salik's Earnings Call for the Nine-Month Period 2024. My name is Wassim El Hayek, Head of Investor Relations at Salik, and thank you for joining us for today's call. Our thanks to the Bank of America team for hosting today's call. Our speakers today are Mr. Ibrahim Al Haddad, our CEO, Mr. Maged Ibrahim, our CFO, and Mr. Tamim Ismail, our CTO. We are also joined by Mr. Tariq Almutawa, Salik's Support Services Director, and Hariharan Gopalakrishnan, the Director of Strategy and Growth. He will be answering any relevant questions that you may have. We will begin our presentation with some key strategic highlights, followed by a detailed operational and financial review before closing with our financial guidance for 2024 and 2025 and concluding remarks. We will then open the floor for the Q&A. Before we kick off the presentation, I would like to remind you of our disclaimer on slide number two, which is relevant to our status as a publicly listed company and which we encourage you to read. Please note that this call is recorded and transcribed, and by attending this meeting, you consent to the transcription. Also, a reminder that a copy of our presentation is available on Salik's website at salik.ai. That's all from my end. I will now hand over to our CEO, Mr. Ibrahim Al Haddad. Thank you, Wassim. Hello everyone, and thank you for taking the time to join us today. Before we discuss our results, I would like to provide a very brief overview of our business. The tollgate operation started in 2007, and since the establishment of Salik Company in 2022, we are the sole tollgate operator for the Emirate of Dubai, serving the premier traffic corridor on Sheikh Zayed Road and other strategic roads. We have 100% exclusivity in Dubai, meaning that we have the exclusive rights to collect tolls from eight existing tollgates, as well as any future tollgates introduced in the city, including two additional gates, which will be in operation on the 24th of this month, and reinforcing our position as one of the world's leading and advanced road toll operators, as of 30 September 2024, we had 4.3 million registered vehicles and 2.5 million accounts. Today, we are pleased to share our result for the first nine months of 2024, with sustained and strong momentum in the year-to-date period, marked by robust financial and operational performance and supported by positive macroeconomic tailwinds. Let's now consider Salik's business model. As many of you are aware, our aspiration is simple: to become a global leader in providing sustainable and smart mobility solutions. This is enabled by our operations across two main business segments. Firstly, our revenues are mostly generated from our core tolling business, being Dubai's exclusive tollgate operator. This not only includes revenue generated from our tollgates, but also relates to fines and TAG activations. What's exciting is that our business does not stop here. We are venturing into ancillary revenue streams, including parking services, having successfully launched a barrier-free parking payment solution at Dubai Mall, and we are targeting similar opportunities that will see us further diversify our revenue base. Although a post-period event, we are delighted to announce that we have recently partnered with Liva Group, a prominent regional insurance provider, to offer a bespoke and seamless insurance renewal process for UAE drivers by leveraging our comprehensive driver and vehicles database. In addition, we are also announcing our new customized Salik tag solution, an exciting and innovative initiative which we have started working on. This initiative will enable customers to personalize their Salik tags with unique messages and designs in line with our ambitions to enhance user experience. We would like to highlight that for the time being, we will not be able to advertise on our gantries for technical reasons. We wanted to address this, given our focus on adherence to full transparency with the investment community. We remain committed to enhancing our ancillary revenue streams, where advertising is a key pillar, and we are exploring opportunities to advertise within the Salik App and Salik Website, both high-traffic online platforms, and both of which we will enhance the launch of our customizable Salik Tag initiative. Overall, we are making great progress in our strategy by maintaining our focus on building a portfolio. Mr. Ibrahim, you are muted. No deal. How I got muted? Anyway. Yeah, yeah. We are making great progress in our strategy, as I said, by maintaining our focus on building a portfolio of vehicle-centered mobility services, including enriching offerings that are payable directly through Salik accounts. Now, on to our results. Salik delivered a very healthy financial performance in the nine months of 2024. We achieved robust growth in account and vehicle registrations, with strong revenue-generating trips, and Q3 trips being the highest for the company since inception. There were also some important strategic milestones for our business, having announced two new tollgates in Dubai, bringing the total number from eight to 10, with the addition of the Business Bay Crossing and Al Safa South gates, which are expected to be in operation on the 24th of November 2024. We are also proud to highlight that both new gates will be almost 100% solar-powered, in line with our sustainable growth agenda. As previously disclosed and as part of our strategy to become a global leader in sustainable and smart mobility solutions, the two new gates are valued at a total of AED 2.73 billion, with a Business Bay gate valued at AED 2.27 billion and the Al Safa South gate at AED 470 million. An agreement also was reached for the payment terms with RTA for interest-free, equal semi-annual installments over the next six years. The introduction of the two gates is a key milestone and marks continued progress for the core tolling business. This follows the launch of a five-year partnership with the Emaar Malls on July 1 to deliver a seamless and efficient parking management system at the world-famous Dubai Mall, part of our evolutionary corporate strategy. Let's move on to the next slide, where we have provided an overview of our financial performance. Overall, we delivered another period of strong financial performance for the first nine months of 2024, maintaining positive momentum. In the year-to-date period, we achieved a 6.2% year-on-year increase in revenue, with total revenue reaching AED 1.6 billion. Revenue-generating trips reached 355.6 million, growing by 5.1% year-on-year, setting a new Q3 record, with industry-leading EBITDA and free cash flow margins of 68% and 64.3%, respectively. Salik reported net profit before tax of AED 903.3 million for the nine-month period, marking a 12.5% increase year-on-year. Following the implementation of a new 9% corporate tax in the UAE in 2024, Salik generated net profit after tax of AED 822 million for the nine-month period, up 2.4% on the prior year. In view of the consistent, very attractive framework and Salik's robust business model, I'm pleased to tell you that our profit margins are among the highest in the global toll operation industry. Our sustained momentum is enabled by macroeconomic tailwinds that Dubai is capitalizing on. Taking a closer look at the Emirates' economic indicators, it's clear that our own growth is supported by the current environment as well as the UAE's positive future outlook. With the relaxed visa laws and efforts to retain and attract top talent, the UAE government continues to ensure human well-being at the center of its growth program. Dubai's population continues to grow and stood at 3.7 million at the end of September 2024, and is set to reach 5.8 million by 2040, a 57% uplift, presenting an ideal environment for Salik to expand its services and cater to a broader customer base. Dubai's positive economic outlook, thriving tourism sector, and ambitious plans for urban innovation make it an ideal environment for Salik, with some key supportive trends outlined on this slide. UAE GDP growth has been revised upwards by the World Bank on the back of strong performance by both oil and non-oil sectors, and it's projected to grow by 3.9% in 2024 and 4.1% in 2025. Dubai International Airport's first half of 2024 grew 8% year-on-year to reach 44.9 million passengers and is on track to exceed records with 91.8 million annual guests forecasted for 2024. I will now hand over to Tamim Ismail, who will take you through the mobility highlights for the period, as well as the update on our strategic progress. Thank you, Ibrahim. Good afternoon, everyone. Now, let's first take a look at Salik's key operational highlights in the nine-month period of 2024. In line with the government of Dubai's continued success in expanding economic growth and pursuing initiatives to attract tourists and residents, we saw a material increase in the registration of active Salik accounts and vehicles. By the end of the Q3, we had 2.5 million registered active Salik accounts, representing a 7.1% increase year-on-year. The total number of active registered vehicles reached 4.3 million, reflecting an 8.7% year-on-year increase. With approximately 276,000 tags sold in the Q3 of 2024, tags grew significantly by 20.4% year-on-year and by 3% quarter- on- quarter. Moving on to the next slide. As economic activity continues to grow, so do trips through our gates. The total number of trips, including discounted trips made through Salik's eight tollgates in the nine-month period, increased by 4.1% year-on-year, driven by tourism and business-as-usual commercial operations. Our key top-line driver, revenue-generating trips, increased by 5.1% year-on-year to 355.6 million in the nine-month period and by 5.7% to 117.1 million in the Q3, the highest Q3 performance for revenue-generating trips since inception. Approximately 20% of the total trips passing through Salik gates in the Q3 of 2024 were exempt from toll fees. Around 60% of those are related to business rules for Al Maktoum Bridge, which is closed during certain hours, as well as in Al Mamzar Gates, where vehicles only pay once when passing through both gates within one hour in the same direction. Around 25% of those are taxis without passengers, with the remaining represented by multiple violations or exempted vehicles, mainly public services, charities, school buses, and other vehicles. Now, let's take a look at the mobility pattern for each of the gates on a quarterly basis. As revenue-generating trips increased, growth remained strong across several gates, with most growing by either double digits or within the high single-digit range, a continuation of the strong performance and trends seen. As touched on earlier, the Q3 marked an important milestone in expanding our ancillary revenue streams with the successful launch of Salik's barrier-free parking payment solution at Dubai Mall. This technology-driven initiative enhances the parking experience of visitors in a strategic partnership with Emaar Malls to improve convenience at the world-famous shopping and leisure destination. The launch expands and enhances our ancillary revenue streams, a key strategic pillar and area of focus for sustainable growth over the medium to long term. The performance of the parking solution has been strong, with a revenue contribution of AED 2.57 million since launching in July, the first full quarter of operations. The solution has been received extremely well, having processed a total of 3.1 million transactions in the period, which were 100% seamless. This is in line with our strategy to provide a seamless parking solution and to enhance the guest experience for the residents and visitors of Dubai. That's an overview of our mobility highlights. I would like now to hand over to Maged, our CFO, to take you through Salik's nine-month financial performance. Thank you, Ibrahim. Thank you, Tamim. Good afternoon, everyone. And now we will look at our financials, and you will definitely see what you have been hearing reflected into our numbers, starting with the top line. I'm pleased to say we delivered a very healthy growth during the nine-month period. A strong growth in revenue-generating trips has driven total revenue up 6.2% year-on-year to AED 1.6 billion, and this is mainly due to a 5.1% year-on-year increase in the revenue from toll usage fees, supported by the inflow of tourists and growth in the movement of individuals across Dubai, as we all know, and a 23.3% year-on-year increase in revenue from tag activation fees. Now, next slide, yeah, let's take a closer look at the trend of the revenue. In addition to the historical revenue-generating trips in the Q3 Salik has also achieved a strong performance from toll usage fees, with Q3 performance the highest on record, surpassing the Q3 performance in 2023, which was also previously the highest on record. Revenue from toll usage fees reached AED 468.4 million in the Q3, with revenue increasing by a CAGR of 8% from AED 136 million in the Q3 of 2008, showcasing the strong gross momentum in our core business. Looking at the profitability, Salik has a clear history of consistent EBITDA growth and strong margins. We generated EBITDA of AED 1.1 billion in the nine-month period of 2024, up 8.9% year-on-year. Our EBITDA margin reached 68% in the nine-month period, a healthy improvement on the period here. Next. Here, I would like to remind you all that Salik's cost structure, which includes a number of elements consisting of the concession fee initially equivalent to 25% of toll usage fees, which was in effect only till the end of Q1 2024. On April 1, 2024, RTA approved the reduction of the concession fees from 25% to 22.5%, which came into effect, wherein the concession fees were adjusted as the annual inflation rate for Dubai was 3.3% for the full year of 2023, announced by the Dubai Statistics Center. Also, we have, as part of our cost structure, the AED 4 billion upfront concession fee capitalized and amortized over 49 years, and a finance cost related to the AED 4 billion dirham term facility. Subsequent to our strong EBITDA generation and margin performance, Salik's Q3 net profit before tax grew significantly, up 19.6% year-on-year, reaching AED 304.7 million. The net profit after tax, accounting for the new corporate tax in the UAE, which Salik is subject to starting from January 2024, totaled AED 277.3 million, representing a strong 8.8% increase year-on-year. It is worth noting that on a comparative basis, the impact of the new corporate tax will only be felt in our 2024 financials. Now, let's look at the cash flow. Our robust profitability supports a favorable working capital balance of negative AED 219 million as of the end of September 2024, equating to a negative 10% as a percentage of annualized revenues. Salik generated a healthy free cash flow of AED 1.1 billion in the nine-month period, with a free cash flow margin of 64.3%, a decline versus 67.3% a period year, and this was primarily due to the reduction in the net profit after tax due to the introduction of the new 9% corporate tax rate, as I said, effective from January 2024. Looking at our financial position, Salik's balance sheet remains solid, with a strong cash and cash equivalent balance of AED 837 million. Net debt at the end of the nine-month period totaled AED 3.2 billion, from AED 2.9 billion for the first half of the year. This translates to a trailing 12-month net debt-to-EBITDA ratio of 2.1 times, significantly below Salik's debt covenant of five times. As a reminder, the combined valuation of the two new gates was determined to be AED 2.7 billion, comprising Business Bay gate valued at AED 2.27 billion and Al Safa South gate valued at AED 469 million. We are very pleased to have reached this milestone and look forward to the start of the operations of both gates in the coming weeks. I will now hand back to our CEO, Mr. Ibrahim Al Haddad, who will provide you with an update on our financial guidance, along with concluding remarks. Thank you, Maged. On this note, we would like to conclude by setting expectations for the remainder of the fiscal year. In line with the strong nine-month performance, we are pleased to reiterate our guidance for the full year of 2024, where we expect total revenue and revenue-generating trips to increase in the range of 7%-8% year-on-year. The higher revenue growth is due to multiple factors, including revenue from two new gates as they become operational on 24 November 2024, the continued closure of the floating bridge, and a growing contribution from ancillary revenue streams. EBITDA margin for 2024 is also possibly impacted by the reduced concession fees, with margins expected to be in the range of 67%-68%. Net profit margins before and after tax are expected to be in the range of 53%-54% and 48%-49%, respectively. We are also pleased to disclose our expectations for 2025, with revenue growth expected to increase in the range of 25%-26%, including the contribution from two new gates and revenue-generating trips expected to grow by 24%-25%. We expect our EBITDA margins will remain robust in 2025, within the 67%-68% range, in line with 2024, with net profit margins also stable as compared to this year. In summary, we are very pleased to report strong nine-month performance and to reiterate our full year 2024 guidance, with the expectation of strong momentum being carried through 2025. We are also pleased to have made significant progress on several milestones in our corporate strategy. We are well positioned to introduce the two new tollgates in the coming weeks and have launched our parking partnership with Emaar, enhancing our ancillary revenue, which has performed extremely well in the Q1 of operation and contributed to revenue growth. Salik continues to thrive in its core tolling business, and we remain focused on diversifying our portfolio. With that, we will now be happy to answer your question. Thank you so much. Okay. Hi, folks. Adam here from BofA. Anyone who would like to ask a question, just use the raise hand function, and then I'll call you forward. Thanks very much. So first up, if Mohammed Al Haddad from Jadwa would like to ask the first question. Thank you. Yes, hi. Thank you for having us on the call, and congratulations on the great set of results, as always. Two questions from my end. The first one is related to whether you can shed some light on how the interest-free debt that will be provided by RTA will be treated in the P&L, and whether you have reached an agreement on the implied effective interest rate that will be used. That's the first part. And the second part, I see an impressive margin guidance for next year, despite the implied finance cost that will be due from the additional two gates. So I would like to inquire whether you're incorporating an additional CPI concession fee or tariff adjustments into 2025 guidance or not? Thank you, Mohammed, for your question, and let me handle this. Regarding the treatment of the interest on the interest-free loan, as you know, as per the financial standard IFRS 9, the financial liability should be recorded at fair value, and accordingly, and as we agreed with PwC, our external auditor, the impact of recording the new debt at its present value will take initial discount directly to the equity, which means our investor will benefit from interest-free rate financing and will be reflected immediately to boost our equity, enhancing our financial standing of the company, so hopefully, this answers your question. This impact will go directly to the equity in the form of retained earnings. And when it comes to the guidance. Just to follow up on that, if I may, and what would be the P&L impact? Would it be the. Yeah. Yeah. As you will see in the financial statement, you'll start to see an implied finance expense because we will start recording it as a present value, which you may not see the 2.7. You may see 2.3 instead of 2.7. And those interests will be charged to the P&L across the five years. But the net effect by the end of the five years will be the same because we will take the difference to the equity as part of the retained earnings. That's clear. Yeah. When it comes to the margin, the guidance, sorry, no, we did not incorporate either concession reduction or increase in tariff because it's the same practice that we followed last year. We don't know where this will hit. It will either be on the revenue side if it's a tariff increase approved, or it will hit the P&L, so in the expense, if the concession has been reduced. That's why we did not incorporate this into the guidance. Our guidance that you see right now does not consider or does not account for the tariff increase or the concession fee reduction. That's very clear. Thank you very much. Okay. Fantastic. So our next question comes from Satish Sivakumar from Citi. Thank you very much. Yeah. Thanks again for the presentation. I got three questions here. Maybe just touching upon the parking as well as the two new gates. Is there any, say, one-off ramp-up cost that you have incurred in the last two months or in this year? Just want to get a sense of what would be your, say, organic or run rate in terms of cost-wise as we go into next year. And the second question is around the, say, again, there has been a lot of news flow around dynamic pricing. Obviously, you have come out and said there's not much any update on it. If you just can give us some color, what is the timeline on this one, where we are? And then also, just related to that, if at all, if it goes live, what does it mean on your existing tech and also contract with TransCore? Is that would be existing contract would just help you to implement this, or there will be an additional TransCore-related software enhancement that needs to be done? That's my second question, and then the third one is about the traffic exposure. Do you have any color on what is your traffic that originates out of Dubai on your toll roads? That'll be helpful. Thank you. So those are a number of questions. Let me take one by one if I can recall them well regarding the cost ramp-up or the cost expense during the previous two months. There's no major cost that has been impacted our P&L other than those like CapEx related to the parking initiative. But other than that, you can't see something significant. When it comes to the parking, it's doing well. The Q1 of the parking has been very strong. And I can say that we had a revenue contribution around AED 2.6 million coming out from the parking with Emaar during the previous three months, and with a collection rate of 98%, which shows how this is progressing very strongly till today. Talking about the dynamic pricing, as mentioned before, any tariff adjustment or a decision of RTA and subject to approval from Dubai Executive Council. Any changes to the tolling system, whether they're increasing the number of gates or increasing the tariff, including the dynamic pricing, will be mainly based on transport strategy and studies done by RTA. For now, we cannot speculate on whether this will happen or not. We did not receive nothing from RTA officially saying that we will implement a dynamic pricing. If I may add also, Mohammed, a section of the question was related to the impact on the software and the contract with TransCore. So this will depend, like the CFO had mentioned, if this is approved and commissioned, then this assessment is going to happen, and we will see if there's any impact that is needed on the software. But if it's a simple change, then probably there will not be any impact because if you look at the Al Maktoum Bridge at the moment, it has different time fees for different business rules for different times. So if it's simple, that can be implemented right away. But if there's anything complicated, then we have to assess. Hopefully, we cover your question unless we miss one of them. Sorry. On the traffic exposure originating outside of Dubai? You mean geographical expansion to go and manage? No, no, no. Basically, on your toll roads, what percentage of the traffic is actually, say, originates and ends in Dubai versus, for instance, people traveling from Abu Dhabi, Sharjah, and so on? I know the CEO can elaborate on this, but we don't have specific statistics showing how much is generating from outside the Emirates and what's generated from inside the Emirates. And don't forget that Dubai is in the middle between the Northern Emirates and Abu Dhabi. So it's a central of the country, center point of the country that everyone should come to it. Yeah. We have the references by gate, so maybe probably admins are given an indication, but it doesn't say the full picture probably. Okay. Got it. Okay. Thank you. That's helpful. Great stuff. Next up, we have Luis Garcia from Morgan Stanley. Thank you. Yeah. Thank you for the presentation. Two quick questions from my side. You've seen quite an impressive margin expansion in Q3 sequentially up over 100 basis points. If you could provide some color on the reasons behind that, that would be very helpful and what we should expect in Q4, if that's possible. And then secondly, on ancillary revenue streams. We've discussed parking already, but more broadly, what can we expect going forward in the near and medium term in terms of revenue contribution from ancillary revenue streams? Thanks. I will handle the first one. I think Gopalakrishnan can handle the second one. The first one, when it comes to the margins that we have currently, it's in line with our previously upgraded 2024 guidance. The total revenue and the revenue-generating trips are expected to increase in a range of 7% to 8%, considering the growth in Dubai. And also, don't forget, the new gates will come into effect by the 24th of November. So we expect to maintain the same 68% till the end of the year. As per our previous guidance, it was actually we were saying that it will be between 67% to 68%, and we are in line with these expectations. And Gopalakrishnan, if you can just answer the ancillary one. Yeah. So regarding the ancillaries, as we've already reported, parking will continue to be a core focus for us to expand on that area. And we are actively exploring other opportunities on the parking front. You would have already heard about the partnership that we announced with Liva Group yesterday. This is a partnership that we have signed to provide a bespoke insurance solution for drivers in the UAE, and where the partnership will help in streamlining the motor insurance renewal process, whereby we'll use our comprehensive database of vehicles and drivers to provide value-added services to customers by sending timely reminders to mitigate insurance coverage lapses. So this is a new ancillary revenue opportunity that we have added. The other initiative, again, that we announced today about customization of Salik tags, we've started. We're We're pleased to announce the launch of an innovative initiative for customers to customize their Salik tags with unique designs and messages, and so we will be pursuing this opportunity going forward. And just adding, yeah, adding just some clarification to this. We are targeting B2B. We are not targeting the customers directly. It will be B2B instead of B2C. You can continue, Gopalakrishnan. Yeah. So in terms of the revenue contribution, I think what we have said earlier, if you look at other toll operators globally, typically, the ancillary revenue streams contribute anywhere between 5%-20% of the overall revenue. So in the long term, we are also looking at achieving that target. Thank you. That's very helpful. Yeah. Great. If we could next have Asadullah Javed from Mashreq Capital. Thank you. Yeah. Hi. Thanks for taking my question. I’d understand if you can't comment, but just wanted to understand if there are any changes in the toll pricing through dynamic pricing. Would that imply that the concession fee could possibly be reversed from 22.5% to 25%? No, not exactly. Actually, the concession fee is linked to the inflation protection clause in the concession fee, in the concession agreement, where it will be only if our tariff increase request to compensate for inflation or to adjust for the inflation has been rejected. So there's nothing in the concession agreement talking about reverting back to the concession fee if we implemented dynamic pricing. I understand. Thanks a lot. Great. Next, we have Shadab Ashfaq from Al Ramz. Thank you. Hello. So my first, I have two questions. Could you please provide insight into the current EBITDA margin of 69%? What factor contributes to this expansion given the Q2 margin was around 67% and the guidance was set at 67%-68%? So what led to this 69% in the current quarter? And my second question is, what is the full-year revenue guidance generated from the Dubai Mall, and what are the operating margins? And additionally, what are the future expansion strategies in the parking business? Thank you. Talking about the margin for this quarter, we have noticed an increase, significant increase in the revenue-generating trips, and don't forget, also, we have a clear reduction in the concession fee during this quarter compared to the previous quarter, so you can see that impact reflected in our margin to become 69%, but on an annualized basis, we still stick to our guidance where we are seeing it would be between 67%-68%. Talking about Dubai Mall, and as I mentioned, it's doing very, very well, and the Q1 of implementation, which we started, this started from 1st of July. The previous quarter, the Q3, has been rated AED 2.6 million dirhams as revenue for Salik. 100% of these transactions were done, as you know, autopay. But we cannot reveal the margin or return profile of this project for a competitive reason, to be frank. We have structured the model to ensure that the project is generally aligned with our normal margin starts. Great. If that's everything on that question, we now have Ankur Agarwal from HSBC. Thank you. Thanks a lot for the presentation. So my question is related to the ancillary revenue. So you basically mentioned that in the medium term, that number would be between 5%-20% of the total revenue, and parking would probably be the biggest element in that. So how should we think about this insurance JV that you've done with Liva, right? And is it an exclusive JV with Liva, or you can add more insurers to it? Do you have the potential to become an aggregator eventually, right? Yeah. Yeah. Let me answer. I think the 15%-20%, 5%-20% that I said, it's going to be medium to long term. That's the target. Now, parking definitely will continue to, because we've successfully launched that, we want to continue to expand that with other clients. But Liva, the insurance is a new initiative from data monetization perspective, which we have launched. This is not an exclusive partnership with Liva. Potentially, we can look at other insurers in the future. In terms of aggregator, I think it's too early to comment on that because we need to see how this business performs. And based on that and the customer acceptance, we will be able to devise strategies going forward. And sort of, can you elaborate beyond the reminders and everything, right? So I mean, when you say data monetization, right, so what is the value that you are adding to Liva? I mean, from their perspective, what is the big thing that they're getting by tying up with you? Correct. So this is a very innovative thing. Just before the expiry of the vehicle insurance, we will send timely reminders to customers for renewing the insurance. Now, if the customer then clicks, there will be a link which will be sent to customers to immediately renew the insurance. If they click the link and provide the consent to share the data, then it will be redirected to the Liva portal, whereby they'll be able to instantly provide a quote to the customer, which will require just a couple of additional steps to click and then buy the insurance. So this is a business model which is not existing in the market, and we'll be able to provide a seamless journey for customers in terms of purchase of insurance. All right. And so I do one thing, Ankur. Sure. As a part of your question regarding exclusivity, we don't have currently exclusivity with our partner. However, we are really proud that we started this data monetization program with Liva with such important partnership. And if you look at the DNA of this partnership, it's very much similar to what we are doing with Dubai Mall, with Emaar, providing something like seamless support, lifestyle, and customer experience mandate of the city of Dubai. So this is in line with that. And if you ask me, what is really the value add we put on the table with Liva is our ability to extract the data and populate it in the page on the insurance policy with really very minimal sort of effort from customer. We believe this is going to be one of the most seamless experiences that can be afforded in the market of this insurance, car insurance market. All right. That's great. So I think finally, out-of-home advertising, what kind of partners are we engaging with? Because that's also, and I think amongst the three, right, parking, this insurance tie-up, and out-of-home advertising, what would be the sort of scale of contribution within that 5%-20% in the medium term? So out-of-home advertising, the advertisement and toll gates, as we just announced today, this is something we will not be pursuing currently because of some technical reasons. So we're not looking at that. But in terms of parking and insurance, yes, there is a big potential for these opportunities to grow. Again, it's too early to comment on the percentage split of contribution of parking and other areas into the overall pie. I think once the business matures and we see more traction, we should be able to comment on that. All right. Very helpful. Thank you. Yeah. Okay. Great. Looks like there are no further questions. So I'll hand back to the team at Salik for any closing remarks. Thanks so much. Oh, we might, oh, sorry, we do have one final hand just been raised. Dr. Ivo Kovačić. Yes. Thank you. Thank you. Slightly different question, if I may, maybe sensitive, but for us who do not enjoy the sun and the beach in Dubai, and we look at Salik doing extremely well, you guys doing very well, the stock is flying, and actually right now is above the price targets of all analysts. So at this point, we have to ask the question, what further do you see more upside? And on the opposite side, about the risks, what is the risk to this thing? I mean, are you considered something like a national champion and you continue to do very well, or somebody somewhere at the top may decide something different and say, "Oh, look at this stock is flying too much." Any risk in that respect, please? Thank you. I can start answering this. Actually, we don't have any comments on the share price and whether it's a buy or not. So I will not comment on this. But based on what we are seeing and all the macroeconomics in Dubai, if you ask me about the risks, the only risk that we may worry about is another pandemic, God forbid, similar to the COVID-19. That's it. Even though during the COVID-19, our revenue reduced by only 30% during the lockdown of the city. But this is the risk, the only risk that we can see. And other than that, we don't believe that the government will take any action against us because if you look at the concession agreement too, we are protected from any adverse government action. So, any action will be taken by the government, Salik, that adversely impacts Salik. Salik will get compensated as per the concession agreement. And don't forget, also, we are the exclusive operator in the city. So, any new gates, any dynamic pricing will be implemented. Anything that's related to the tolling, it will be only through Salik. Yes. Okay. Thank you. Very impressive. Thank you, guys. Good luck. Thank you. Great. Thank you. And one more question from Satish Sivakumar from Citi. Thank you. Sorry. Again, thanks again for taking a follow-up question here. I've got a question on Floating Bridge. What is obviously your guidance for next year? Does include the Floating Bridge being closed. Do you just give us any sense around when it's likely to be opened up or if there is any actually progress being made in terms of getting it back online? We didn't receive any notices from our team that they're going to reopen it again or when they're going to reopen it so we don't have any updates on when they're going to open this bridge or it will remain closed. What is it like the process would be if it has to be reopened? Would RTA has to give you the notice or how does it work? We will be notified by RTA, definitely, but there is no specific process linked to this. Definitely, it will not be a sudden action. We will be notified before. Okay. Got it. Yeah. Thank you. Wonderful. One last chance for any raised hands. Otherwise, happy to hand it back to the Salik team. Looks like that might be it for the Q&A. Yeah. Good. So thank you, Adam. Thank you for handling this Q&A, and thanks for Bank of America for organizing today's call. And thanks for all the attendees. Please, if you have any follow-up question, please feel free to reach out to us at investorrelations@salik.ai or visit our website at salik.ai. Thank you very much and have a good day. Thank you all. Thank you, everyone. Thank you. Thank you. Thank you. you. Bye. Stay in touch, please. Okay. Thank you.