Diriyah Gate company has awarded a contract worth SAR544m ($145m) for its Northern Cultural District (NCD) P3 car park project to Saudi Real Estate Infrastructure company (Binyah), reported TradeArabia.
Binyah is one of the subsidiaries of the Saudi Real Estate Company (Al Akaria).
As per the terms of the contract, Binyah will offer design, construction, testing, and commissioning services for the 100,000m² car parking project.
In its filing to Tadawul, Al Akaria stated that the new facility would be able to provide parking space for 2,000 cars across four basement levels.
Binyah is building roads, streets, sidewalks, stations, sewage projects, bridges and tunnels, etc.
The company will be required to build a reinforced concrete structure, complete MEP work, and install smart parking control management and guidance systems.
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The complete project is scheduled to complete by Q3 2025.
In January, Al Akaria signed a memorandum of understanding (MoU) with Al Tahaluf Real Estate Company for a SAR377m ($100m) project in Riyadh, reported Zawya.
According to the MoU, the two firms will set up a special purpose vehicle (SPV) to build 250 residential villa units under Al Akaria Park’s masterplan framework.
The project’s financial impact will be ascertained following the completion of related studies and receipt of regulatory permits.