Saudi Arabia's Al Akaria Saudi Real Estate (Sreco) has awarded a $292m (SAR1.1bn) infrastructure contract for its 700ha Al Widyan development to Binyah.
The scope of works under the contract – expected to generate more than 2,000 jobs in Saudi Arabia – includes 80km of roads, 272km of power supply cabling, 250km of telecoms cabling, 100km or potable water pipework, and a 200km irrigation network, among other major works.
Binyah, a 60:40 joint venture between Sreco and Mohammad Ali Al Swailem Group (Masco), will be responsible for developing all of Al Widyan’s infrastructure.
The news comes a month after Sreco announced plans for the ambitious Al Widyan development, located in Riyadh’s Northern Corridor.
Work on the project began last year, with transportation and traffic impact studies already completed and approved.
Speaking on the recent contract award, Abdulrahman Almofadhi, chairman of the board of directors at 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 to make the project a success.”
He added that “a large proportion” of the 2,000 jobs created as a result of the contract will also be for Saudi nationals.
Sreco posted a $20m (SR74.9m) net profit for the first six months of this year – a modest 5.17% increase on the same period last year.