SRECO awards $290mn contract for Saudi megaproject

September 17, 2018

undefinedAl Akaria Saudi Real Estate (SRECO) has awarded a SAR 1.1bn ($293mn) infrastructure contract for its giant Al Widyan project near Riyadh. 

Saudi Real Estate for Infrastructure Co. (Binya), 60% owned by SRECO, will build roads, landscape and water, electricity, communications and irrigation networks, SRECO said on Sunday.

The Saudi government backed developer unveiled plans to build the SAR 10bn ($2.66bn), 7 million square metre mixed-use development in August.

The scale of the project is illustrated by the scope of works under the contract, which includes 80km of roads, 275km of power supply cabling, 250km of telecoms cabling, 100km of potable water pipework and a 200km irrigation network.

Abdulrahman Almofadhi, chairman of SRECO said: “The project under development is a massive undertaking. We are confident that BINYAH will deliver the high-quality roads, water networks, electricity networks, sewage networks, power stations and other elements of the project to make it a success.

"Infrastructure delivery under BINYAH’s contract is expected to generate 2,000 jobs, a large proportion of them for Saudis.”


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