Retal inks development management agreement in Riyadh at SAR 25M

Retal Urban Development Co. signed on Feb. 19, 2024, a development management agreement with Business Oasis Fund, managed by BlomInvest Saudi Arabia, at a total value of SAR 25 million excluding taxes.

Under the agreement, Retal will be appointed as a development manager for an office and showroom complex in Al Narjis neighborhood, Riyadh, without any preferential privileges, according to a statement to Tadawul.

The land plot, on which the project will be built, spans 40,000 square meters, and the contract will extend for 30 months from the start of construction works.

The project will likely have a positive impact on financial results for 2024, 2025, and 2026.

Related parties are Chairman Abdullah Al-Fozan, Vice-Chairman Ali Al-Fozan and board members Fozan Al-Fozan and Fahd Al-Mujil.