Saudi: Retal awarded development project worth $320mln

Saudi: Retal awarded development project worth $320mln

Riyadh – Retal Urban Development Company inked a contract with Jubail and Yanbu Industrial Cities Services Company (Jabeen) for a development project at an estimated value of SAR 1.20 billion.

The two parties will establish primary and secondary infrastructure works, besides the designing and construction of 897 residential units in Jubail industrial city, according to a bourse filing.

Retal also highlighted that purchasing residential units will be signed between Jabeen and industrial companies operating within the Royal Commission for Jubail and Yanbu cities.

The agreement, which was sealed on 26 November 2023, holds a 40-month duration period, starting on the date when Retal receives the land from Jabeen.

Meanwhile, the project is expected to have a positive impact on the listed company's financial results during the period between 2024 and 2027.

Earlier this month, the National Housing Company and Retal penned two deals at a total value of SAR 925 million.

In the January-September 2023 period, the net profits after Zakat and tax of the Tadawul-listed firm dropped by 20.32% to SAR 145.98 million from SAR 183.20 million in 9M-22.

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