Retal Urban Development Company has announced that it has awarded a SAR374 million ($100 million) construction contract to one of its key subsidiaries, Building Construction Company, for a key project located in the Saudi capital Riyadh.

As per the deal, Building Construction Company will be responsible for the construction of 285 residential units units at Murcia zone in the Khozam suburb of Riyadh, said Retal in its filing to Saudi bourse Tadawul.

The project will be financed through available facilities and off-plan sales proceeds, it stated.

On the financial impact, Retal said the project is expected to have a positive impact on the company's results post the start of the project execution during 2025-2027 period.

The entire work will be completed within a 30-month period, it added.-TradeArabia News Service

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