Binyah wins $28mn contract for Entertainment Complex project outside Riyadh
Contract awarded by SEVEN for site preparation and ground works for Entertainment Complex
Saudi Real Estate Infrastructure Company (Binyah), a company owned by Saudi Real Estate Company (Al Akaria), has secured a preparatory work contract for the Entertainment Complex project, which is located near the Saudi Arabian capital, Riyadh.
Worth $28 million, the contract has been awarded by Saudi Entertainment Ventures Company (SEVEN), a unit of the Kingdom’s Public Investment Fund (PIF), said Al Akaria, in a filing to the Saudi bourse. The scope of work includes site preparation, ground works including excavation, backfilling, and levelling of the Entertainment Complex coming up in Riyadh exit 15, the company stated.
Binyah is a specialist in the implementation of infrastructure development works covering roads, bridges, tunnels, dams, water networks, sewage systems, electricity networks, energy transfer and distribution networks in addition to construction of public parks and gardens.
According to Al Akaria, the preparatory work has begun on the Seven project site and is due to be completed in September. The financial Impact of the project will be reflected throughout Q1, Q2, Q3 and Q4 of this year, the statement concluded.
