Saudi Real Estate Co. (Al Akaria) has announced the signing of a contract with Diriyah Gate Company Limited (DGCL) for the implementation of “Excavation for Metro-Box Central, Metro-Box South, and Metro-Box East and Related Works,” through one of its subsidiaries, Saudi Real Estate Infrastructure Company (Binyah), at a value of SAR722 million ($192.48 million).
In addition, the company stated that the contract spans a duration of 1,276 calendar days. It expects the financial impact to appear on the financial statements. The financial impact will start from the first quarter of 2024.
Read more: Saudi real estate, infrastructure projects top $1.2 trillion mark: Report
This development follows the company’s announcement regarding the awarding of a contract for the implementation of “Excavation for Metro-Box Central, Metro-Box South and Metro-Box East and Related Works” with the Diriyah Gate Company Limited (DGCL) to one of its subsidiaries “Saudi Real Estate Infrastructure Company (Binyah)” on December 20, 2023.
In February, Al Akaria and Marriott International have entered into an agreement to introduce a luxurious hotel with 280 rooms. Additionally, this collaboration will bring the prestigious Autograph Collection brand to the Saudi capital, and the hotel is expected to open after its construction, which is scheduled to begin in 2025. Moreover, upon completion, the hotel is planned to welcome guests by 2028, as stated in the announcement. This initiative demonstrates Al Akaria’s dedication to promoting tourism and hospitality in Riyadh, aligning with the goals set out in Saudi Arabia’s Vision 2030. Furthermore, the aim is to create attractive destinations for residents and visitors alike, contributing to the country’s ambitions of establishing itself as a prominent international tourist destination.
For more news on logistics, click here.
