Riyadh – Saudi Real Estate Company (Al Akaria) has signed a contract with Mohammed Al Ojaimi Contracting Group to execute the design and implementation of infrastructure works for Al Akaria’s land plots in Riyadh.

The contract value stands at SAR 119.80 million for the 1.91-million-square-metre plots that are located in Al Qadisiyah neighbourhood, according to a bourse filing on Thursday.

Al Akaria has been awarded and penned the 17-month contract on 10 February. The duration however will not include the period required to obtain regulatory approvals.

The contracting works of this contract comprise “road works, paving and asphalting of streets, electricity networks, street lighting networks, telephone networks, water and firefighting networks, sewage networks, and flood drainage networks,” according to Al Akaria’s disclosure.

Earlier this year, Al Akaria secured a Sharia-compliant loan worth SAR 400 million from the listed Bank Aljazira to purchase raw land in the east of Riyadh.

 

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