Saudi Real Estate Infrastructure Company (Binyah), a subsidiary of Saudi Real Estate Company (Al Akaria), has won a SR373.93m ($99.43m) contract from Diriyah Gate Company to execute the enabling works for Diriyah Gate phase 2.

The project covers site preparation, earthworks (cutting, filling, demolition and compaction) and associated works. The contract duration is 548 days from the first quarter of 2023 to the fourth quarter of 2024.

Binyah specialises in infrastructure development works, water and wastewater utility projects, and ports and marine construction. Al-Akaria is its majority stakeholder with 60 per cent of capital.

The SR64bn ($17bn) Diriyah Gate is one of several gigaprojects that are strategically important for Saudi Arabia.

The scheme is composed of multiple phases. Complementary to phase 1, phase 2 will have a distinct identity as a Parisian-scaled mixed-used development with five or six-floor buildings with courtyards. It features over 5 million sq m of gross floor area and is centred on a main boulevard like the Champs-Élysées.

MEED reported in October 2021 that Diriyah Gate Development Authority (DGDA) would award contracts worth SR52bn ($13.8bn) for Diriyah Gate.