Saudi Real Estate Company (Al Akaria) said on Monday that its subsidiary Saudi Real Estate Infrastructure Company (Binyah) has been awarded a 544.10 million Saudi riyal ($145.01 million) contract by Diriyah Gate Company to design, construct, test and commission Northern Cultural District's P3 car park project

The car park will have a minimum of 2,000 parking spaces across four basement levels, covering an area of 100,000 square metres, Al Akaria said in a statement to the Saudi stock exchange.

The scope of work includes construction of reinforced concrete building, mechanical, electrical and plumbing (MEP) works, a smart parking control management system and a guidance system.

The duration of the contract is 548 days, the statement said.

In December 2022, Binyah was awarded a SAR 373.93 million ($99.5 million) contract by Diriyah Gate Company to execute the enabling works for Diriyah Gate Phase 2.

In May 2022, Zawya Projects had reported that Diriyah Gate Development Authority (DGDA) is expected to announce $6 billion worth of tenders for the heritage mega project after summer.

(Writing by D Madhura; Editing by Anoop Menon)

(anoop.menon@lseg.com)