Al Akaria unit seals $193m Diriyah Gate excavation contract
RIYADH, April 2, 2024
Saudi Real Estate Company (Al Akaria) said one of its key subsidiaries has signed a contract worth SAR722.1 million ($193 million) with Diriyah Gate Company Limited (DGCL), for the implementation of
metro excavation works within the mega Diriyah Gate development in the Saudi capital
The contract was awarded to Saudi Real Estate Infrastructure Company (Binyah) by DGCL in December last year for the excavation works, said Al Akaria in its filing to the Saudi bourse Tadawul.
The Royal Commission for Riyadh City (RCRC) had earlier announced that the next phase of the Riyadh Metro project (Line 7) will link some of the landmark leisure and tourism hotspots including Qiddiya Entertainment City, King Abdullah International Gardens, King Salman Park, Misk City and Diriyah Gate.
Riyadh Metro is one of the world’s largest public transport network projects. The scheme’s first phase features six lines with 84 stations. The Line 7 will be executed in two phases running 65 km, of which 47 km is underground and 19 km elevated.
According to RCRC, Phase II will connect Diriyah Gate with New Murabba and King Khaled International airport. The project is still in the study stage.
Al Akaria said Binyah's scope of work includes the implementation of excavation for Metro-Box Central, Metro-Box South and Metro-Box East and other related works. The entire work will be completed in 2027, it stated.
The financial impact will appear on the financial statements starting from Q1 2024, it added-TradeArabia News Service
