Al Akaria’s unit pens deal with Saudi Entertainment Ventures

The project's material impact will reflect throughout the first, second, third, and fourth quarters of 2021

  
Image used for illustrative purpose. Foreign workers work at a construction site, following the outbreak of the coronavirus disease (COVID-19), in Riyadh, Saudi Arabia, May 7, 2020.

Image used for illustrative purpose. Foreign workers work at a construction site, following the outbreak of the coronavirus disease (COVID-19), in Riyadh, Saudi Arabia, May 7, 2020.

REUTERS/Ahmed Yosri
Riyadh – Mubasher: Saudi Real Estate Infrastructure Company (Binyah), a subsidiary of Saudi Real Estate Company (Al Akaria), has signed a contract with Saudi Entertainment Ventures Company (SEVEN) to implement preparatory works for the Entertainment Complex project located in Riyadh exit 15.

The deal is valued at SAR 104.67 million and will mature after seven and a half months, according to a bourse statement on Monday.

The subsidiary will be responsible for site preparation, groundworks including excavation, as well as backfilling and levelling.

The material impact of the project will reflect throughout the first, second, third, and fourth quarters of 2021.

SEVEN is a fully-owned subsidiary of the Public Investment Fund (PIF).

Source: Mubasher

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