Saudi Real Estate Company (Al Akaria) has signed a contract worth 532.1 million Saudi riyals ($141.87 million) with Diriyah Gate Development Authority (DGDA) to implement excavation works for Car Park A and B, as well as related works.

The contract duration is 437 days, the company said in a statement to the Saudi Stock Exchange (Tadawul) on Sunday.

Diriyah Company is a subsidiary of the Public Investment Fund, the Kingdom's sovereign wealth fund.

In December 2023, Al Akaria's subsidiary Saudi Real Estate Infrastructure Co. (Binyah) was awarded a contract from DGDA.

Diriyah and Binyah broke ground on the SAR544 million Northern Cultural District Car Park project last April, which is part of the $63.2-billion Diriyah giga-project masterplan which covers seven square kilometre near Riyadh, featuring a mix of tourist and entertainment attractions.

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

(Writing by P Deol; Editing by Bhaskar Raj)


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