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Al Akaria’s unit inks SAR 1.1bn deal

Al Akaria’s unit inks SAR 1.1bn deal
Al Akaria owns a 60% stake in Binya.
ALAKARIA
4020
73.95% 20.70 8.80

Riyadh – Mubasher: Saudi Real Estate (Al Akaria) said that its 100% subsidiary, Al Wedyan Saudi Real Estate, signed a SAR 1.1 billion contract with Saudi Real Estate for Infrastructure Co. (Binya) to implement the infrastructure of Al Wedyan project.

Binya will build roads, landscape and water, electricity, communications and irrigation networks, according to a statement to the Saudi Stock Exchange (Tadawul) on Sunday.

Al Akaria owns a 60% stake in Binya. 

Al Wedyan project will span 7 million square metres in Almalqa region.

“This is a huge multi-use project and we are confident that Binya is capable of carrying out the infrastructure work with the highest quality standards,” Al Akaria’s chairman Abdulrahman Al Mofadhi stated.

The project is forecast to create many job opportunities, which Saudi citizens will acquire most of them, Al Mofadhi added.

In August, Al Akaria announced launching Al Wedyan project.

Al Akaria last reported a 46.2% profit increase, reaching SAR 30.27 million during the second quarter of 2018, compared to SAR 20.71 million in Q2-17, while profits grew to SAR 74.9 million in H1-18, from SAR 71.22 million during H1-17.

Al Akaria’s stock rose 3.81% to close Thursday's trading session at SAR 14.16.