Retal subsidiary, associate sign SAR 166M contract

Retal Urban Development Co.’s subsidiary Building Construction Co. (BCC) signed a contract with Remal Park Fund, an associate firm, to implement the concrete skeletons for the Remal Business Court project in Al Khobar city, according to a statement to Tadawul.

The project is valued at SAR 166 million, and has no preferential benefits, the statement added.

BCC is 80% owned by Retal and Remal Park Fund is a 33.33%-owned associate.

The contract was signed on March 12, with a duration of one year from the commencement date. It is expected to have a positive impact on the company’s financials upon execution in 2025 and 2026.

The related parties are Chairman of the board Abdullah Al Fozan, Vice Chairman Ali Al Fozan, in addition to board members Fahad Al Mojel, Fozan Al Fozan, Abdulrahman Al Jalal, and Abdullah Al Braikan.

Also named as related parties are Ammar Al-Ghoul, Omar Al Jalal, and Mustafa Tawfiq.