The Clap
Al Akaria (4020) signed a contract worth SAR 3.79 million with First Nile Company to carry out excavation and fencing works for the Al-Yamamah residential project in the Diplomatic Quarter in the city of Riyadh.
The Deets
Al Akaria indicated that the Al-Yamamah project is referred to in the company’s rights issue prospectus to be financed from the proceeds of the offering.
Al Akaria
Al Akaria is a joint stock company established in 1976, with a majority stake owned by the Saudi Public Investment Fund.
The company owns and develops land and constructs residential and commercial, in addition to selling and renting real estate.
What Now
The company stated that the contract term is 4 months, and the costs will be capitalized as part of the project cost.
