Retal signs SAR 349M contract with subsidiary to build 502 residential units

Retal Urban Development Co. signed a 30-month contract with its subsidiary, Building Construction Co. (BCC), to build 502 residential units in Al-Fursan district, Riyadh.

The contract, with no preferential terms, is valued at SAR 349 million, excluding taxes, if any, the company said in a statement to Tadawul.

The project will be financed from the available facilities and off-plan sales proceeds.

The project is expected to have a positive impact on the company's results post the start of execution from 2025-2027.

Board members Abdul Al-Jalal, Abdullah Albraikan, CFO of Retal, Ammar Al-Ghoul, CEO of BCC, and Omar Al-Jalal are related parties to the deal.