Riyadh – Mubasher: Saudi Real Estate Infrastructure Company (Binyah), a subsidiary of Saudi Real Estate Company (Al Akaria), has signed an agreement with Diriyah Gate Company Limited (DGCL).
The SAR 532.05 million agreement includes the implementation of excavation Works for Car Park A and Car Park B and related works, according to a bourse filing.
The contract was awarded on 13 December 2023 and signed on 9 May 2024 for 437 days.
Binyah is a Saudi company that focuses on infrastructure development projects. Its expertise spans various construction activities, including roads, bridges, pipelines, water distribution systems, sewage stations, marine construction, and demolition.
In April, Al Akaria inked SAR 881.72 million contracts for construction and excavation works.
The company logged a 67.41% year-on-year (YoY) plunge in net profits to SAR 2.90 million in the first quarter (Q1) of 2024 from SAR 8.90 million.
