Retal signs SAR 48M contract with subsidiary for 4 residential buildings

Retal Urban Development Co. signed today, Jan. 28, a contract worth SAR 48 million, excluding any applicable taxes and fees, with Building Construction Co., one of its subsidiaries.

In a statement to Tadawul, Retal said the contract duration is 20 months from the agreement date, noting that the project entails the development of four residential buildings in Al Sadafah district, Al-Khobar.

The company expects the project to have a positive impact on its financials after the start of implementation work in 2024 and 2025.

It also pointed out that there are related parties to the contract, namely board members Abdul Rahman Al-Jalal and Abdullah Al-Braikan, CFO of Retal Ammar Al-Ghoul, and CEO of Building Construction Omar Al-Jalal.

There are no preferential terms or benefits granted under the deal, the statement added.