Saudi Real Estate Company (Al Akaria
) said one of its units Binyah has been awarded a SR432.06 million ($115 million) contract by Diriyah Gate Development Authority to carry out infrastructure work at its key developments - Wadi Hanifa.
The renewal and restoration of the 2 sq km of the historic Wadi Hanifah is a vital part of the mega SR75 billion ($20 billion) Diriyah Gate developments.
As per the contract, Binyah will implement key infrastructure work such as roads, water and sewage networks, rainwater drainage, irrigation, street lighting and other related works, said Al Akaria in its filing to the Saudi bourse Tadawul.
The entire work will be completed in 478 days and this will have an impact on Al Akaria's financial results for the Q4 of 2021 and 2022, it stated.
Binyah, which is 60 per cent owned by Al Akaria, is a specialist in carrying out infrastructure development works such as roads, bridges, tunnels and construction and extension of water and sewage networks and transmission and power distribution networks in addition to public gardens, parks and irrigation networks.-TradeArabia News Service