Al Akaria subsidiary signs SAR 432.1 mln contract with Diriyah Gate Development Authority

Logo of Saudi Real Estate Infrastructure Co.

Saudi Real Estate Co. (Al Akaria) announced that its 60%-owned subsidiary, Saudi Real Estate Infrastructure Co. (Binyah), signed a contract with Diriyah Gate Development Authority to carry out infrastructure work at Wadi Hanifa for SAR 432.06 million.

In a statement to Tadawul, Al Akaria said the term of the contract is 478 days.

The project includes implementation of road works, water and sewage networks, rainwater drainage, irrigation, street lighting and related works.

The financial impact of the project will be reflected in Q4 2021 and 2022, the statement said, adding that Al Akaria and Diriyah Gate Development Authority are related parties.

Binyah is a national company that specializes in carrying infrastructure development.

Its works include road works, bridges, tunnels, construction and extension of water and sewage networks, construction and extension of transmission and power distribution networks, electricity and telecommunication systems, construction of public gardens, parks, irrigation networks and its revitalization, construction of dams, and manufacturing and selling ready-made and precast concrete for infrastructure works.