The firm submitted the low-bid for the college in July to the Finance Ministry.
At least five firms submitted bids for the construction package, including Saudi Oger, Al-Rashid Trading & Contracting Company and Athens-based Consolidated Contractors International Company (CCC).
The scope of the contract covers the construction of up to 12 buildings on a 1.3-square-kilometre site in Riyadh.
Work is expected to take three years to complete.
Binladin recently secured a SR10bn contract for construction work at the new Princess Nourah bint Abdulrahman University for Women, also in Riyadh (MEED 1:2:09).