Al Akaria signs SAR 120 mln contract for infrastructure works at its land in Al-Qadisiyah, Riyadh

Logo of Saudi Real Estate Co. (Al Akaria)

Saudi Real Estate Co. (Al Akaria) signed a SAR 119.80 million contract with Mohammmad Al-Ojaimi Contracting Co. to carry out design, approval and implementation of the infrastructure works at the company’s plots located in Al-Qadisiyah neighborhood in Riyadh.

The project includes infrastructure networks and related works for a total area of 1.91 million square meters, the company said in a bourse statement, noting that contract duration is 17 months, not including the period required to obtain the approval of the competent authorities.

The work includes road works, paving and asphalting of streets, electricity networks, street lighting networks, telephone networks, water and firefighting networks, sewage networks and flood drainage networks.

The costs of this contract will be capitalized, and the cost of the executed works to be periodically added to the cost of the projects under implementation during the contract term, starting from Q1 2022, the statement added.