Saudi: Retal, National Housing team up for $246.66mln development projects

Saudi: Retal, National Housing team up for $246.66mln development projects

Riyadh – Retal Urban Development Company joined forces with the National Housing Company for two development projects at an estimated value of SAR 925 million.

The agreements are expected to reflect positively on the Tadawul-listed company's financial results during the period from 2024 to 2027, according to bourse disclosures.

Retal indicated that the two deals will hold a duration period of 42 months, each, from the signing date of 20 November 2023.

The two projects will be endorsed through self-financing, off-plan sales, and available facilities.

Riyadh Project

The two companies will develop 366 residential units in Zone 1 and 2 in Al Shafa Residential Land at a total estimated cost of SAR 290 million.

Located in Riyadh, the project will span 133,933 square metres (m2).

Jeddah Project

Retal and National Housing inked sub-development agreements to establish 803 residential units in South Jeddah at an estimated value of SAR 635 million.

The development scheme will be implemented in an area of 209,482 m2.

Last April, the two firms penned a SAR 418.31 million development agreement.

In the first nine months (9M) of 2023, Retal posted 20.32% lower net profits after Zakat and tax at SAR 145.98 million, versus SAR