Tadawul-listed Emaar The Economic City said it has awarded two contracts on Sunday to Al Arabia Maintenance & Spare Parts Co. LLC at a total value of SAR 51.3 million.
The first contract, worth SAR 32.5 million, is for implementing infrastructure works and power grid, irrigation, and water systems. Al Arabia will also install wastewater, fiber optics, and road network systems in the GC5 area of Emaar EC, the company said in a statement.
The second deal is valued at SAR 18.8 million for implementing infrastructure works and power grid, irrigation, water, wastewater, fiber optics and roads network in Al Talah Gardens 3.
Each contract, signed on Dec. 25, 2016, is valid for 18 months.
Emaar said the deals are related party transactions, as Mohammed bin Yousuf, a board member at Emaar, owns 80 percent of Al Arabia.
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