Al Akaria signs SAR 722.1M contract with DGCL for metro excavation

Saudi Real Estate Co. (Al Akaria) signed on April 1 a contract with Diriyah Gate Company Limited (DGCL) for the excavation work of metro-box central, metro-box south and metro-box east.

The contract—worth SAR 722.1 million, inclusive of VAT—is valid for 1,276 calendar days. The relevant financial impact is expected to appear in Q1 2024, Al Akaria said in a statement to Tadawul.

The Public Investment Fund (PIF) is a related party.

In December 2023, Al Akaria said that its subsidiary, Saudi Real Estate Infrastructure Co. (Binyah), had won a contract for the metro-related excavation works, Argaam earlier reported.