Al Akaria’s subsidiary inks SAR 1.1 bln infrastructure deal with Binya

Saudi Real Estate Co.’s (Al Akaria) wholly owned subsidiary Al Wedyan Real Estate Co. has signed an agreement worth SAR 1.1 billion with Saudi Real Estate for Infrastructure Co. (Binya) to implement all the infrastructure works of Al Wedyan project, the firm said in a statement to Tadawul today.

The contract involves building roads, landscape and water, electricity, communications and irrigation networks.

Commenting on the deal, Al Akaria’s Chairman Abdulrahman Al Mofadhi said: “This is a huge multi-use project and we are confident that Binya is capable of carrying out the infrastructure work with the highest quality standards.”

The deal is expected to create 2,000 job opportunities, of which Saudis will occupy the majority positions, he added.

Binya is 60-percent owned by Al Akaria, while Mohammed Ali Al Swailem Group (MASCO) owns the remaining 40 percent.

According to data compiled by Argaam, the Ministry of Commerce and Investment approved in July the set-up of Al Wedyan Real Estate Co. with a SAR 1 billion capital.

In October, Al Akaria launched the residential project, which is located in Al-Malqa district in Riyadh over a total area of 7 million square meters.