Retal Urban Development Company has awarded its subsidiary, Building Construction Company Limited, a 240 million Saudi riyal ($63.99 million) contract to develop eight residential buildings in the SEDRA housing project in Riyadh. 

The contract duration is 26 months effective from the date of agreement, the company said in a statement to the Saudi stock exchange on Sunday.

The project is expected to positively impact the company’s financial results from 2024 to 2026.

Public Investment Fund-backed ROSHN Group launched the fourth phase of the SEDRA project last month, which will house 4,860 residential units.

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

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