Al Akaria’s subsidiary signs SAR 104.7 mln construction contract for Riyadh project

Saudi Real Estate Co.'s (Al Akaria) logo

Saudi Real Estate Co.’s (Al Akaria) affiliate, Saudi Real Estate Infrastructure Co. (Binyah), signed on Feb.28, a contract with Saudi Entertainment Ventures Co. (SEVEN), a wholly owned subsidiary of the Public Investment Fund (PIF), to carry out the preparatory work on the entertainment complex project in Riyadh.

The contract is valued at SAR 104.67 million and has duration of 7.5 months.

The scope of work includes site preparation, groundworks including excavation, backfilling and leveling, the company said in a bourse statement today, March 1.

The project’s financial impact will be reflected on the company’s Q1, Q2, Q3 and Q4 2021 statements.

No related parties are included in the deal, the statement added.

Binyah is one of the national companies specialized in implementing infrastructure development works in which Al Akaria owns 60% stake.

The company specializes in roads, bridges, tunnels, dams, water networks, sewage systems, electricity networks, energy transfer and distribution networks, telecommunication networks, construction of public parks and gardens, irrigation networks, manufacturing and selling of readymade concrete for infrastructure work purposes.