Saudi's Binyah signs $95mln contract with Misk Foundation

Contract includes construction of a car bridge, associated roads and utilities

  
An Asian labourer looks up as he works at the construction site of a building in Riyadh, Saudi Arabia. Image used for illustrative purpose.

An Asian labourer looks up as he works at the construction site of a building in Riyadh, Saudi Arabia. Image used for illustrative purpose.

REUTERS/Faisal Al Nasser

Saudi Arabia’s  Binyah, a subsidiary of Saudi Real Estate Company (Alakaria), has signed a 356.4 million Saudi riyals ($95 million) contract with Misk Foundation.

Binayah will  design and build a car bridge and associated roads and utilities for  18 months.

“The financial impact of the project will be reflected throughout the fiscal year 2020 and Q1, Q2 of the year 2021,” the firm said in a statement on the Saudi bourse.

Binyah is one of the national companies specialising in infrastructure development projects, including roads, bridges, tunnels, water and sewage networks, telecommunication networks, irrigation systems, public parks and gardens.

About 60 percent of the firm is owned by Saudi Real Estate Company.

(Writing by Nada Al Rifai; editing by Cleofe Maceda)

Nada.rifai@refinitiv.com

#SAUDI #CONSTRUCTION #PROJECT #INFRASTRUCTURE

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