‎Some project contracts on track to be signed; impact to reflect as of Q2 onwards: Retal CEO

‎Some project contracts on track to be signed; impact to reflect as of Q2 onwards: Retal CEO

Retal Urban Development Co. is on track of signing contracts for various projects that will reflect positively on financials for the second half of 2023 onwards, CEO Abdullah Albraikan told Argaam exclusively.

Retal achieved many developments in terms of operational performance, as work began on three new projects during the second quarter of 2023. Further, development work began on two real estate funds, part of six in total that the company contributes to four of which, alongside its role as the exclusive developer and marketer of these funds, the top executive noted.

Additionally, according to Albraikan, Retal managed to boost its market share in geographical areas with high demand and purchasing power. The company launched sales for 327 property units in the Jeddah-based Sadayem development over several phases, at a total value of SAR 418 million.

During the first quarter of this year, the company also succeeded in recording record sales following the launch of the Riyadh-based Al-Fursan suburb project, he continued.

Record results also came amid growth of real estate development revenues, which were doubled after the number of ongoing projects increased from four in Q2 2022 to 11 projects by the end of the second quarter of 2023. The number of properties