Retal signs SAR 224.4M contract to build units in Jeddah

03/10/2024 Argaam Back

Logo of Retal Urban Development Co.

Retal Urban Development Co. signed today, Oct. 3, a contract with its affiliate, Building Construction Co., to build 442 residential units in South Jeddah Project, Jeddah, without any preferential terms.

The contract is valued at SAR 224.43 million, excluding applicable taxes and fees, and is valid for 30 months from the date it takes effect, Retal said in a statement to Tadawul.

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The project is expected to have a positive impact on the company's results post-execution start from 2024 to 2027.

Board members Abdulrahman Al-Jalal and Abdullah Al-Braikan, Retal’s CFO Ammar Al-Ghoul, and CEO of Building Construction Omar Al-Jalal are related parties, the statement added.

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