Retal inks SAR 374M contract to construct 285 housing units in Riyadh

Retal Urban Development Co. signed a SAR 374 million contract with its 80%-owned subsidiary, Building and Construction Co. (BCC), to build 285 residential units in Marsiyah district of Riyadh's Al Khuzam suburb. 

In a statement to Tadawul, the company pointed out that the contract has no special conditions and will be financed through existing facilities and off-plan sales proceeds.

The contract was signed on Jan. 7, for a duration of 30 months from the effective date.

The relevant financial impact is expected to be reflected on the company’s results starting in 2025, continuing through 2026 and 2027.

The company also pointed out that there are related parties in the contract, including Abdulrahman Al Jalal (board member), Abdullah Al-Braikan (board member), Ammar Al-Ghoul (Chief Financial Officer), and the CEO of Al-Tameer and Construction Limited, Omar Ibrahim Aljalal.