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Saudi Real Estate Co. “Al-Akaria” Announces Contract Sign Off with Royal Commission for Riyadh City
| Element List | Explanation |
|---|---|
| Introduction | Referring to the announcement made by Saudi Real Estate Co. (“Al-Akaria”) (The Company) regarding the award of a Project for the Construction of "TSE Network for Green Riyadh Program – Group Eleven” with the Royal Commission for Riyadh City to one of its subsidiaries “Saudi Real Estate Infrastructure Company (Binyah)” dated 1st September 2024. The Company would like to announce to its esteemed shareholders that the contract for the Construction of "TSE Network for Green Riyadh Program – Group Eleven” with the Royal Commission for Riyadh City to one of its subsidiaries “Saudi Real Estate Infrastructure Company (Binyah)” has been signed on 20 Oct 2024 Corresponding to 17/04/1446. |
| Date of Announcement of the Award | 2024-09-01 Corresponding to 1446-02-28 |
| Contract Subject Matter | The contract includes the Construction of "TSE Network for Green Riyadh Program – Group Eleven" |
| The Entity with Which the Contract was Signed | Royal Commission for Riyadh City |
| Date of Signing the Contract | 2024-10-20 Corresponding to 1446-04-17 |
| Contract Value | 660,356,738.20 Saudi Riyals. (Including VAT) |
| Contract Details | The contract includes the Construction of "TSE Network for Green Riyadh Program – Group Eleven” |
| Contract Duration | Twenty Gregorian months |
| Financial Impact and the Relevant Period | The financial impact will be reflected in Q4 2024 until Q2 2026 |
| Related Parties | None |
| Additional Information | Binyah Company is one of the national companies specialized in implementing infrastructure development works, of which the Saudi Real Estate Company (Al Akaria) owns (60%). It specializes in constructing roads, streets, sidewalks and road supplies, constructing bridges and tunnels, laying oil and gas pipelines, constructing stations and main lines for water distribution, constructing sewage stations and projects, sewage networks and pumps, constructing port docks and marine construction, demolishing and removing buildings and others, enabling sites from (cutting, filling, Demolition & compaction) and networks extensions - The Contract received on 21st Oct 2024 Corresponding to 18/04/1446 |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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