Saudi-listed developer Retal Urban Development Company (Retal) announced the signing of two conditional agreements worth 948 million Saudi riyals ($253 million) with National Housing Company (NHC) to acquire developed land in Al Khozam Suburb, Riyadh City to build residential units.

The agreements were signed on 27 October 2024, the company said in a stock exchange statement.

The project involves the development of 947 residential units with a completion timeline of 55 months, the statement said, adding that it is anticipated to have a positive financial impact on Retal’s earnings throughout 2025, 2026, 2027, 2028, and 2029.

Khuzam is an integrated residential project spread over an area of 30 million squre metres in north Riyadh, centred around a 4.5 millions square metre grand park, according to NHC's website. The master plan features 50,000 residential units and 48 mixed-use amentities, and will house a population of 250,000 when complete. 

(Editing by Anoop Menon)(anoop.menon@lseg.com) 

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