Binyah lands $142m Diriyah Gate car park excavation work
RIYADH, May 12, 2024
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 SAR532 million ($142 million) for a car park project coming up within its mega Diriyah Gate development in capital Riyadh.
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.
As per the contract inked with Diriyah Gate Company Limited (DGCL), Binyah will be responsible for implementation of excavation works related to its Car Park A and B project, said Al Akaria in its filing to the Saudi bourse Tadawul.
The entire contract work will be completed within 437 days, it stated.
On the financial impact, Binyah said it will be reflected in Q4 2023 until Q1 2025, it added.
Al Akaria said this win for Binyah come close on the heels of its SAR722.1 million ($193 million) contract clinched with DGCL, for metro excavation works within Diriyah Gate.
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.
Binyah's scope of work for the metro project included 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 added.-TradeArabia News Service
