Al Akaria signs SAR 2.3 bln infrastructure packages contracts for Qiddiya project

Logo of Saudi Real Estate Co. (Al Akaria)

Saudi Real Estate Co. (Al Akaria) announced infrastructure packages contracts with Qiddiya Investment Co. (QIC) signed jointly by Saudi Real Estate Infrastructure Co. (BINYAH) and InfraRoad Trading & Contracting LLC, at a total value of SAR 2.29 billion.

In a Tadawul statement, Al Akaria said the contracts pertain to development of the main infrastructure networks and bridges for the Qiddiya project, including the primary and secondary roads, utility networks, utility culverts, pedestrian bridges, and storm drainage channels.

The contracts also include the design, construction, testing and commissioning of a sewage treatment plant, irrigation water storage tanks, a pump station, a potable water storage tank, as well as a solid waste transfer hub.

The contracts, signed on Sept. 21, are valid for 22 months, the company said, adding that the financial impact is expected to appear starting from Q4 2023 until Q3 2025.

The Public Investment Fund (PIF) is a related party to the contracts.

BINYAH, in which Al Akaria owns a 60% stake, is one of the national companies specialized in infrastructure development. It constructs roads, streets, sidewalks, road supplies, bridges, and tunnels. It also lays oil and gas pipelines, as well as constructs stations and main lines for water distribution.

The company also develops sewage stations and projects, sewage networks and pumps as well as port docks. It demolishes and removes buildings, in addition to undertaking network extensions, as well as the cutting, filling, demolition and compaction processes.