Retal inks SAR 240M contract with subsidiary for 8 residential buildings in Riyadh

Retal Urban Development Co. signed on April 25 an agreement with its subsidiary, Building Construction Company Limited to develop eight residential buildings in Riyadh at a total value of SAR 240 million, exclusive of taxes (if applicable).

The agreement is valid for 26 months from the date of entry into force, Retal said in a statement to Tadawul, expecting a positive financial impact from the project from 2024-2026.

On the other hand, the real estate developer added that board members Abdul Rahman Al-Jalal and Abdullah Faisal Al-Braikan, CFO Ammar Al-Ghoul, and CEO of Building Construction, Omar Ibrahim Al-Jalal, are related parties to the agreement.

The agreement was sealed without any preferential conditions or benefits.