Saudi Real Estate Company (Al Akaria) said its subsidiary, Saudi Real Estate Infrastructure Company (Binyah), has signed a contract with Diriyah Gate Company Limited (DGCL) for the excavation works of Metro-Box Central, South and East.

The contract is valued at 722.1 million Saudi riyals ($192.52 million) and has a duration of 1,276 calendar days, the developer said in a statement to the Saudi Stock Exchange.

Binyah, which is 60 percent owned by Al Akaria, was awarded the contract in December 2023.

In February, Al Akaria signed a five-year contract with the Royal Commission for AlUla and Public Investment Fund (PIF)-owned AlUla Development Company to develop the Sidrat AlUla project.

The PIF and Public Pension Agency partially own Al Akaria.

(Editing by Anoop Menon)

(anoop.menon@lseg.com)

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