Saudi Real Estate Co. (Al Akaria) said one of its subsidiaries has signed a framework agreement with Expo 2030 Riyadh Company (ERC) to execute the early works for the Expo 2030 Riyadh project.
The agreement was signed by Saudi Real Estate Infrastructure Company (Binyah) on November 20, the company said in a statement to the Saudi stock exchange on Sunday.
The work scope includes demolition, earthworks and miscellaneous logistics activities to support the project’s early works and site logistics.
The work duration is four years, the statement said.
No financial details were given.
ERC is a wholly owned subsidiary of PIF. The sovereign fund owns a 64.57 percent stake in Al Akaria.
Al Akaria owns 60 percent of Binyah, a national company specialising in infrastructure development.
(Editing by Anoop Menon) (anoop.menon@lseg.com)
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