Saudi Real Estate Company's (Al Akaria) subsidiary Saudi Real Estate Infrastructure Company (Binyah) has won a 373.93 million Saudi riyals ($99.5 million) contract from Diriyah Gate Company to execute the enabling works for Diriyah Gate Phase 2.

The scope of work includes execution of the enabling works for the Phase 2 area, site preparation, earthworks and associated works, the developer said in a statement to the Saudi stock exchange.

The work will be completed in 548 days, the statement added.

Al Akaria owns 60 percent of Binyah, which specialises in infrastructure, water and wastewater utility projects.

In May, Zawya Projects had reported that Diriyah Gate Development Authority (DGDA) is expected to announce $6 billion worth of tenders for the heritage mega project after summer.

Diriyah Gate Phase 2 is envisioned as a Parisian-scale, pedestrian-focused mixed-use development with all the cultural entertainment assets, while Diriyah Gate Phase 3 will have a huge residential aspect.

(Writing by D Madhura; Editing by Anoop Menon)