Al Akaria inks $235.1mln contracts for construction works

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Saudi Real Estate Company (Al Akaria) has signed SAR 881.72 million contracts for construction and excavation works.

The first contract was signed at a value of SAR 722.09 million with Diriyah Gate Company Limited (DGCL) for the excavation of Metro-Box Central, Metro-Box South, and Metro-Box East and other related works, according to a bourse filing.

Works will be done through Saudi Real Estate Infrastructure Company (Binyah), a subsidiary of Al Akaria.

The second contract was signed with M/s Saudi Real Estate Construction Company (Tamear), one of its fully owned subsidiaries, at a value of SAR 159.62 million.

The contract includes the execution of works of the Tilal Al Riyadh mixed-use project in Al-Malqa district.

It is worth noting that Al Akaria posted net profits of SAR 67.60 million in 2023, a plunge from SAR 110.50 million in 2022.