Al Akaria pens SAR 532.1M deal with Diriyah Gate

Saudi Real Estate Co. (Al Akaria) signed on May 9 a contract worth SAR 532.1 million, inclusive of VAT, with Diriyah Gate Development Authority (DGDA) for the implementation of excavation works for Car Park A, Car Park B, and related works, according to a filing to Tadawul.

The contract duration is 437 days, the company said, adding that the financial impact will be reflected in results for the period between Q4 2023 and Q1 2025.

The Public Investment Fund (PIF) is a related party, the statement added.

In December 2023, Al Akaria's subsidiary, Saudi Real Estate Infrastructure Co. (Binyah), was awarded this contract from the Diriyah Gate Development Authority (DGDA), according to data available with Argaam.

source: argaam