Retal signs SAR 493M contract to build residential units in Riyadh
Logo of Retal Urban Development Co.
Retal Urban Development Co. signed a 30-month contract with its 80%-owned subsidiary, Building Construction Co. (BCC), to build 371 residential units in Sidra district, Riyadh.
The contract, with no preferential terms, is valued at SAR 493 million, excluding taxes, if any, the company 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 the start of execution from 2025-2027.
Related parties include Retal board members Abdul Rahman Al-Jalal and Abdullah Albraikan, along with CFO Ammar Al-Ghoul. CEO of BCC Omar Al-Jalal is also named as a related party.
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