Riyadh – Mubasher: Saudi Real Estate Company unveiled that its 60%-owned subsidiary Saudi Real Estate Infrastructure Company (Binyah) won a project for the Royal Commission for Riyadh City on 28 August 2024.
Under the SAR 660.35 million deal, Binyah will implement the construction of TSE Network for Green Riyadh Program – Group Eleven, according to a bourse filing.
The contract, meanwhile, is expected to be signed on 28 November this year.
It is worth highlighting that Binyah is a national company specialised in implementing infrastructure development works as well as constructing roads, streets, sidewalks and road supplies. This is in addition to developing bridges and tunnels, laying oil and gas pipelines, in addition to constructing stations and main lines for water distribution.
Al Akaria further highlighted that its subsidiary is focused on “constructing sewage stations and projects, sewage networks and pumps, constructing port docks and marine construction, demolishing and removing buildings and others, enabling sites from (cutting, filling, Ddemolition and compaction) and networks extensions.”
During the first half (H1) of 2024, the Saudi listed firm Al Akaria reported SAR 11.30 million net losses as well as SAR 809.90 million worth of revenues according to its initial financial results.
