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Jeddah - Yasmine El Tohamy - RIYADH: Excavation work on three components of the Riyadh metro project is set to begin following the signing of a SR722.1 million ($192.5 million) deal between Saudi Real Estate Co., also known as Al Akaria, and Diriyah Gate.
The work will encompass areas known as Metro-Box Central, Metro-Box South, and Metro-Box East and the contract is valid for 1,276 days, the real estate company said in a statement to Tadawul.
The relevant financial impact is expected to appear in the first quarter of 2024 and the Public Investment Fund is a related party.
Furthermore, the agreement was awarded to one of its subsidiaries, Saudi Real Estate Infrastructure Co., also known as Binyah, on Dec. 20, 2023.
Al Akaria also inked a SR159.6 million deal with Saudi Real Estate Construction Co., also known as Tamear, for executing civil, structural, architectural, as well as electromechanical, and external works for the Tilal Al Riyadh mixed-use project in Al-Malqa District.
The contract, involving one of Al Akaria’s fully owned subsidiaries, spans an implementation period of 22 months, with the financial impact will be reflected starting from the second quarter. Notably, there are no related parties involved in this transaction, the company said in a bourse filing.
Last month, the company announced its financial results for the period ending Dec. 31, 2023, reporting a net profit of SR67.6 million. This figure represents a decrease of 38.82 percent compared to the SR110.5 million recorded the previous year.
In February, Al Akaria signed an agreement with Marriott International to introduce a new 280-key luxury hotel. The deal will bring the Autograph Collection brand to the Saudi capital, paving the way for the opening of the new hotel, according to a statement.
Scheduled to commence construction in 2025, the hotel is anticipated to welcome visitors by 2028 upon its completion, the release added.
This step reflects Al Akaria’s commitment to promoting tourism and hospitality in Riyadh, aligning with the Kingdom’s Vision 2030 goals of creating appealing destinations for both residents and visitors.
Additionally, it contributes to Saudi Arabia’s aspiration to strengthen its recognized international tourist destination position.
Moreover, the new hotel will play a significant role in developing a mixed-use destination, featuring commercial facilities, restaurants, and entertainment areas.
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