Retal seals $252mln Saudi residential project deal with NHC

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Saudi-based Retal Urban Development Company has announced that it has signed two agreements worth a total of SAR947.6 million ($252 million) with National Housing Company for residential development projects within Al Khozam suburbs in Riyadh City.

As per the deal, Retal will purchase developed lands in the capital city for the purpose of building residential units, said company in its filing to Saudi bourse Tadawul.

A total of 947 residential units will be built under the agreement with NHC and the entire work will be completed within 55 months, it stated.

On the financial impact, Retal said the project is expected to have a positive impact on the company's results during the project development works execution for the 2025 to 2029 period.

Retal's big win comes close on the heels of a similar agreement worth SAR792 million ($210 million) inked early this month with Saudi PIF subsidiary Roshn Group for purchase of land in Sedra residential neighborhood in Riyadh City, for the purpose of building 644 residential units.

As per the deal, work on all the residential units along with the relevant infrastructure will be completed with a three-year period.

Also Retal's key subsidiary, Building Construction Company, clinched a deal from for construction of 442 residential units in port city Jeddah.

As per the contract worth SAR224.43 million, all the homes will be built within a 30-month period, it added.