Saudi Real Estate Co. (“Al-Akaria”) announces the Signing of a contract for the implementation of "Excavation Works for Car Park A and Car Park B and Related Works” with the Diriyah Gate Company Limited (DGCL) to one of its subsidiaries “Saudi Real Estate Infrastructure Company (Binyah)”
| Element List | Explanation |
|---|---|
| Introduction | Referring to the announcement made by Saudi Real Estate Co. (“Al-Akaria”) (The Company) regarding the award of a contract for the implementation of "Excavation Works for Car Park A and Car Park B and Related Works” with the Diriyah Gate Company Limited (DGCL) to one of its subsidiaries “Saudi Real Estate Infrastructure Company (Binyah)” on 13th December 2023.
The Company would like to announce to its esteemed shareholders that the contract for the implementation of "Excavation Works for Car Park A and Car Park B and Related Works” has been signed on 9th May 2024. |
| Date of Announcement of the Award | 2023-12-13 Corresponding to 1445-05-29 |
| Contract Subject Matter | The contract includes the implementation of "Excavation Works for Car Park A and Car Park B and Related Works." |
| The Entity with Which the Contract was Signed | Diriyah Gate Company Limited (DGCL) |
| Date of Signing the Contract | 2024-05-09 Corresponding to 1445-11-01 |
| Contract Value | 532,052,196.00 Saudi Riyals. (Including VAT) |
| Contract Details | The contract includes the implementation of "Excavation Works for Car Park A and Car Park B and Related Works." |
| Contract Duration | 437 Days |
| Financial Impact and the Relevant Period | The financial impact will be reflected in Q4 2023 until Q1 2025 |
| Related Parties | Public Investment Fund |
| Additional Information | Binyah Company is one of the national companies specialized in implementing infrastructure development works, of which the Saudi Real Estate Company (Al Akaria) owns (60%). It specializes in constructing roads, streets, sidewalks and road supplies, constructing bridges and tunnels, laying oil and gas pipelines, constructing stations and main lines for water distribution, 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, Demolition & compaction) and networks extensions |
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