Retal inks SAR 214 mln contract to build residential units in Jeddah

Retal Urban Development Co. signed on Nov. 9 a contract with its subsidiary, Building Construction Co. (BCC), to develop 352 residential units in Jeddah at SAR 214 million (exclusive of taxes, if applicable).

The project will span 100,960 square meters at Sadayem suburb, Jeddah, without any preferential conditions or benefits, the company said in a statement to Tadawul.

The project duration is 30 months from its effective date, the company said. It expects a positive impact on financials results – post the start of the project implementation – in 2023, 2024, 2025, and 2026.

The transaction includes related parties, which are Board Members Abdulrahman Aljalal and Abdullah Albraikan, Retal CFO Ammar Al Ghoul, and, CEO of BCC Omar Aljalal.

Source: Argaam