Al Akaria’s subsidiary wins SAR 544.1 mln contract from Diriyah Gate to build, design car park project

Logo of Saudi Real Estate Co. (Al Akaria)

Saudi Real Estate Co.’s (Al Akaria) subsidiary, Saudi Real Estate Infrastructure Co. (Binyah), was awarded a contract by Diriyah Gate Company Ltd for designing, construction, testing and commissioning of the Northern Cultural District (NCD) P3 car park project, at a total value of SAR 544.1 million, the company said in a statement on Tadawul.

The contract includes designing and building a minimum of 2,000 car space parking facility over four basement levels with a total area of nearly 100,000 square meters. The work scope includes constructing a reinforced concrete building, including mechanical, electrical and plumbing (MEP), smart parking control management and guidance systems.

The contract duration is 548 days, the statement added.

The impact of the contract will be reflected on Q1 2023 through Q2 2024 financials, the statement added. The Public Investment Fund (PIF) is a related party to the deal.

Al Akaria owns a 60% stake in Binyah, a national company specialized in implementing infrastructure development works. The company specializes in constructing roads, streets, sidewalks and road supplies, in addition to building bridges and tunnels, laying oil and gas pipelines, constructing stations and main lines for water distribution, constructing sewage stations, as well as sewage networks and pumps.

Binyah is also active in constructing port docks and marine construction, demolishing and removing buildings and others, enabling sites from cutting, filling, demolition compaction and networks extensions.