Al Akaria's Binyah inks SAR 373.9 mln deal with Diriyah Gate

Logo of Saudi Real Estate Infrastructure Co. (Binyah)

Saudi Real Estate Co. (Al Akaria) announced that its subsidiary, Saudi Real Estate Infrastructure Co. (Binyah), signed a contract worth SAR 373.9 million (inclusive of VAT) with Diriyah Gate Co., according to a statement to Tadawul.

The contract is to enable the construction works for Diriyah Gate’s second phase, as well as site preparation and earthworks such as excavation, backfilling, land leveling, compaction, and associated works.

The 548-day contract does not have any related parties, the statement said, adding that the relevant financial impact will reflect on Q1 2023 and Q2 2024 financials.

Binyah, a 60%-owned subsidiary of Al Akaria, a national company that implements infrastructure development works. It specializes in constructing roads, streets, sidewalks, road supplies, bridges and tunnels, as well as laying oil and gas pipelines.

It also establishes stations and main lines for water distribution, as well as sewage stations, networks and pumps.

Binyah builds port docks and undertakes marine construction works, in addition to demolishing and removing buildings. The company also undertakes project preparations such as excavation, demolition, and compaction, as well as networks extensions.