Saudi-based Retal Urban Development Company has signed a sub-development agreement with the National Housing Company (NHC) to build 295 residential units in Riyadh’s suburbs for a total investment of SAR660 million ($176 million).
According to Retal’s filing with Saudi bourse Tadawul, these homes will be built on a total area of 93,482.76 square meters in the Murcia zone of the Khozam suburb.
Regarding the financial impact, Retal stated that this agreement will have a positive impact on the financial results from 2024 to 2027.
This deal follows a SAR240 million ($64 million) contract awarded last month to Retal’s key subsidiary Building Construction Company (BCC) for the construction of eight residential buildings in Riyadh’s Sedra district.
According to the agreement, the BCC will complete all construction work within 26 months of the contract’s effective date.