Retal signs SAR 142.4M deal to construct 263 houses in Riyadh

Retal Urban Development Co. signed on Sept. 30 a contract with its subsidiary, Building Construction Co. (BBC), to construct 263 residential units in Riyadh, at a value of SAR 142.39 million (excluding taxes and fees).

The company said in a statement on Tadawul that the 30-month contract started from the date it became effective.

The project is expected to have a positive impact on Retal’s results for 2024, 2025, 2026, and 2027.

The board members Abdulrahman Ibrahim Al Jalal and Abdullah Faisal AlBraikan, CFO Ammar Al Ghoul, and BBC’s CEO Omar Ibrahim Al Jalal, are related parties, the statement highlighted, noting that the contract was concluded without any preferential conditions or benefits.