Al Akaria's unit inks $115mln deal with Diriyah Gate Development Authority

The term of the contract is 478 days

  
An Asian labourer works at the construction site of a building in Riyadh, Saudi Arabia August 2, 2016. Image used for illustrative purpose.

An Asian labourer works at the construction site of a building in Riyadh, Saudi Arabia August 2, 2016. Image used for illustrative purpose.

REUTERS/Faisal Al Nasser
 
Riyadh – Mubasher: Saudi Real Estate Infrastructure Company (Binyah), a 60%-owned subsidiary of Saudi Real Estate Company (Al Akaria), signed a contract with Diriyah Gate Development Authority to implement infrastructure work at Wadi Hanifa for SAR 432.06 million.

The project includes the establishment of road works, water and sewage networks, rainwater drainage, irrigation, street lighting, and related works, Al Akaria said in a bourse disclosure on Thursday.

The 478-day contract is expected to have an impact on the financial results for the fourth quarter (Q4) of 2021 and 2022.

Source: Mubasher

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