Saudi Real Estate Company (Al Akaria) said that the joint venture between its subsidiary, Saudi Arabia Real Estate Infrastructure & Construction Company (Binyah), and InfraRoad Trading & Contracting has signed infrastructure packages contracts with Qiddiya Investment Company valued at 2.29 billion Saudi riyals ($610.49 million).
The contracts include developing the main infrastructure networks and bridges for Qiddiya Resort Core, including the primary and secondary roads, utility networks, utility culverts, pedestrian bridges, and storm drainage channels, the company said in a statement published on the Saudi stock exchange.
The Resort Core is a zone dedicated to pure entertainment and fun and will be home to Qiddiya’s theme parks, including Six Flags Qiddiya, according to the Qiddiya website.
In addition, the deal includes the design, construction, testing and commissioning of a sewage treatment plant, irrigation water storage tanks, a pump station, a potable water storage tank and a solid waste transfer hub, the statement said, adding that the duration of the contracts is 22 months.
Binyah, which is 60 percent owned by Al Akaria, is engaged in infrastructure development, laying oil and gas pipelines, and constructing stations and main lines for water distribution.
(Writing by D Madhura; Editing by Anoop Menon)
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