Retal signs SAR 349M contract with subsidiary to build 502 residential units
Logo of Retal Urban Development Co.
Retal Urban Development Co. signed a 30-month contract with its subsidiary, Building Construction Co. (BCC), to build 502 residential units in Al-Fursan district, Riyadh.
The contract, with no preferential terms, is valued at SAR 349 million, excluding taxes, if any, the company said in a statement to Tadawul.
For more news and details on the projects
The project will be financed from the available facilities and off-plan sales proceeds.
The project is expected to have a positive impact on the company's results post the start of execution from 2025-2027.
Board members Abdul Al-Jalal, Abdullah Albraikan, CFO of Retal, Ammar Al-Ghoul, CEO of BCC, and Omar Al-Jalal are related parties to the deal.
GCC Indices
Dubai
5,057.30
10.75
0.21 %
Abu Dhabi
9,351.25
78.20
0.84 %
Kuwait
7,799.50
(2.92)
(0.04 %)
Qatar
10,458.74
(119.50)
(1.13 %)
Muscat
4,508.73
38.34
0.86 %
Bahrain
2,000.61
(4.71)
(0.23 %)