Al Akaria’s subsidiary wins SAR 532.1M contract from DGDA

Logo of Saudi Real Estate Co. (Al Akaria)

Saudi Real Estate Co.’s (Al Akaria) subsidiary, Saudi Real Estate Infrastructure Co. (Binyah), won a contract worth SAR 532.05 million (VAT inclusive) from the Diriyah Gate Development Authority (DGDA), according to a statement to Tadawul.

The real estate developer said that the work scope includes excavation works for car parking areas A and B and related works, noting that the Public Investment Fund (PIF) is a related party.

Binyah is one of the national companies specializing in implementing infrastructure development works, of which the Saudi Real Estate Company (Al Akaria) owns 60%.

It specializes in constructing roads, streets, sidewalks, bridges, tunnels, oil and gas pipelines, stations, main lines for water distribution, sewage stations, networks, and pumps.

The company activities also include constructing port docks; demolishing and removing buildings; enabling sites through cutting, filling, demolition, and compaction; and network extensions.

The company's activities also include constructing port docks, demolishing and removing buildings, enabling sites through cutting, filling, demolition, and compaction, and performing network extensions, according to the statement.