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Saudi Real Estate Co proposes capital raise via priority rights issue

Saudi Real Estate Co proposes capital raise via priority rights issue
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Riyadh entertainment complex construction gathers pace

DUBAI: Site preparations are underway on a vast entertainment project close to Riyadh. Saudi Real Estate Infrastructure Co. (Binyah), owned by Saudi Real Estate Co. (Akaria) has signed a contract with Saudi Entertainment Ventures Co. (SEVEN), a unit of the Public Investment Fund (PIF), to carry out the preparatory work of the Entertainment Complex project, located near the Saudi capital. It is one of several governmental mega projects in the infrastructure sector that the company is working on, Al Akaria Managing Director, Ibrahim Al Alwan, told Al Arabiya on Monday. He added that the contract was worth SR104.673 million and is expected to be finished by the end of the year, when its financial impact will appear.

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