Saudi Real Estate Company (Al Akaria) has announced that one of its key subsidiaries - Saudi Real Estate Infrastructure Company (Binyah) - has secured a major contract worth SR544 million ($145 million) from Diriyah Gate Company for its Northern Cultural District (NCD) P3 Car Park Project.

 

As per the contract, Binyah will provide design, construction, testing and commissioning services for the  100,000-sq-m car parking facility that can accommodate 2,000 cars over four basement levels, said Al Akaria in its filing to the Saudi bourse Tadawul.

 

One of the leading Saudi companies, Binyah is a specialist in development of roads, streets sidewalks, stations, sewage projects and main water pipeline network as well as construction of bridges and tunnels and laying of oil and gas pipelines.

 

The project scope includes construction of a reinforced concrete building, MEP works, and installation of a smart parking control management system and guidance system, it stated.

 

The entire work will be completed by Q3 of 2025 and there will be a financial impact for the contract period from this Q1 up to Q2 2024, it added.-TradeArabia News Service