Saudi Real Estate Company (Al Akaria) said one of its units Binyah has been awarded a SR432.06 million ($115 million) contract by Diriyah Gate Development Authority to carry out infrastructure work at Wadi Hanifa, a key component of the project in Riyadh.

The renewal and restoration of the 2 sq km of the historic Wadi Hanifah is a vital part of the mega SR75-billion ($20 billion) Diriyah Gate development which is centred around At-Turaif, a Unesco World Heritage site. These enhancements include the restoration of the historic palm groves and farms, combined with new walking trails and picnic areas for the community.

As per the contract, Binyah will implement key infrastructure work such as roads, water and sewage networks, rainwater drainage, irrigation, streetlighting and other related works, said Al Akaria in its filing to the Saudi bourse Tadawul.

The entire work will be completed in 478 days and this will have an impact on Al Akaria’s  financial results for the Q4 of 2021 and 2022, it stated.

Binyah, which is 60 per cent owned by Al Akaria, is a specialist in carrying out infrastructure development works such as roads, bridges, tunnels and construction and extension of water and sewage networks and transmission and power distribution networks in addition to public gardens, parks and irrigation networks.