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Panoramic view of the skyline of Jeddah with an airplane flying low over the horizon approaching Jeddah airport and the lower Hijaz mountains in the distance in Mecca province, Saudi Arabia. Image used for illustrative purpose only. Getty Images
Saudi-based Retal Urban Development Company has announced that one of its key ventures Remal Al Khobar Real Estate Company has awarded a construction contract worth SAR450 million ($120 million) for its Retal Rise and Nobu Hotel projects in Al Khobar City.
A major project in the kingdom's Eastern Province, Retal Rise features 129 residential units, while the Nobu Hotel consists of 101 rooms and 62 residential units managed by Nobu, in addition to the Nobu Restaurant and Café.
All these projects are located in a unique location in the city of Al Khobar, overlooking the Corniche.
Remal Al Khobar, a joint venture 50% owned by Retal Urban Development Company, has signed up Specialized Construction Company for the project.
Its scope of work includes implementation of MEP works for Retal Rise and Nobu hotel in addition to Nobu restaurant and café in Al Khobar City.
The entire work will be completed within a 15-month period from the effective date of the agreement.
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 for 2025 & 2026.-TradeArabia News Service
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