Al Akaria’s subsidiary signs SAR 356 mln contract with Misk Foundation

Saudi Real Estate Co.’s (Al Akaria) subsidiary, Saudi Real Estate Infrastructure Co. (Binyah), signed a contract with Misk Foundation to design and build a bridge for vehicles with associated road works and utilities, in addition to earthworks related to the project at a value of SAR 356.28 million.

The contract was signed earlier today and has a term of 18 months, the company said in a bourse statement.

The financial impact of the project will be reflected throughout the fiscal year 2020 and Q1 & Q2 2021.

No related parties are involved in the deal.

Binyah Co., which is 60% owned by Al Akaria, is considered as one of the national companies specialized in the implementation of infrastructure development works.

It specializes also in roads, bridges, tunnels works, construction and installation of water and sewage networks, construction and installation of electricity and energy transfer and telecommunications.