Retal inks SAR 240M contract with subsidiary for 8 residential buildings in Riyadh

28/04/2024 Argaam
Logo ofRetal Urban Development Co.

Logo of Retal Urban Development Co. 

Retal Urban Development Co. signed on April 25 an agreement with its subsidiary, Building Construction Company Limited to develop eight residential buildings in Riyadh at a total value of SAR 240 million, exclusive of taxes (if applicable).

 

The agreement is valid for 26 months from the date of entry into force, Retal said in a statement to Tadawul, expecting a positive financial impact from the project from 2024-2026.

 

On the other hand, the real estate developer added that board members Abdul Rahman Al-Jalal and Abdullah Faisal Al-Braikan, CFO Ammar Al-Ghoul, and CEO of Building Construction, Omar Ibrahim Al-Jalal, are related parties to the agreement.

 

The agreement was sealed without any preferential conditions or benefits.

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