Al Akaria unit lands $142m Diriyah Gate excavation contract
RIYADH, December 13, 2023
Saudi Real Estate Company (Al Akaria) said one of its subsidiaries, Binyah, has been awarded a contract worth SAR532 million ($142 million) by Diriyah Gate Development Authority (DGDA), for the implementation of excavation works at the mega Saudi development.
The project scope includes excavation and other related works at car parking areas A and B of the Diriyah development, said Al Akaria in its filing to Saudi bourse Tadawul.
Saudi sovereign wealth fund PIF (Public Investment Fund) is also involved in the transaction, it stated.
Binyah Company, which is 60% owned by Al Akaria, is one of the national companies specialized in implementing infrastructure development works.
It has expertise in construction of roads, bridges and tunnels as well as laying of oil and gas pipelines, sewage stations and main lines for water distribution.-TradeArabia News Service
