Saudi master developer Diriyah Company and Saudi Real Estate Infrastructure Company (Binyah) broke ground on the 544-million Saudi riyal ($144.95 million) Northern Cultural District Car Park project, a part of the $63.2 billion Diriyah giga-project masterplan.

The four-storey underground car park, with a capacity of 2,000 vehicles, will service assets including King Salman University, House of Al Saud Museum, and King Salman Library, among others, the companies said in a joint statement.

Binyah’s scope for the project includes a design and build package encompassing; the car park structure, architectural finishes, mechanical, electrical and plumbing (MEP), plant and utility rooms/connections, external works, and modern parking management and guidance systems. 

Binyah is 60 percent owned by Saudi Real Estate Company (Al Akaria), which is listed on the Saudi stock exchange. 

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

(Writing by D Madhura; Editing by Anoop Menon)

(anoop.menon@lseg.com)