Saudi Real Estate Company (Al Akaria) has announced that one of its key subsidiaries has been awarded a construction contract worth SAR660.3 million ($176 million) by Royal Commission for Riyadh City for its 'TSE Network for Green Riyadh Program – Group Eleven' project.

 

One of the most ambitious urban forestation projects in the world, Green Riyadh project is among the four megaprojects launched by King Salman Bin Abdulaziz in the Saudi capital in 2019.

 

The project will be a milestone that contributes to fulfilling a key goal of the Saudi Vision 2030 to promote Riyadh’s position among the world’s top 100 most livable cities.

 

The Green Riyadh project will contribute to increasing the per capita share of green space, and raise the total green spaces by planting trees around all city features and facilities as well as in all its provinces. All of the greenings will be watered by recycled water from an irrigation network. 

 

As per the deal awarded to Saudi Real Estate Infrastructure Company (Binyah), the entire work will be completed within a 20-month period, said Al Akaria in its filing to Saudi bourse Tadawul.

 

On the financial impact, Al Akri said it will be reflected in Q4 2024 until Q2 2026.-TradeArabia News Service