Introduction

Saudi Arabia’s Retal Urban Development Company has inked a significant sub-development agreement with the National Housing Company (NHC) to construct 295 residential units in the suburbs of Riyadh. This project represents a substantial investment of SAR660 million ($176 million), reflecting the ongoing expansion and development within the region’s real estate sector.

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Project Details

According to Retal’s filing with the Saudi bourse, Tadawul, these residential units will span a total area of 93,482.76 square meters within the Murcia zone of the Khozam suburb. This strategic development aims to meet the growing housing demand in Riyadh and provide modern living spaces for its residents.

Financial Impact

Retal has projected that this agreement will positively impact their financial results from 2024 to 2027. This aligns with the company’s strategic goals to enhance its portfolio and capitalize on the booming real estate market in Saudi Arabia.

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Previous Developments

This deal follows a SAR240 million ($64 million) contract awarded last month to Retal’s key subsidiary, Building Construction Company (BCC). The contract involves the construction of eight residential buildings in Riyadh’s Sedra district. BCC is expected to complete all construction work within 26 months from the contract’s effective date, further emphasizing Retal’s active role in the region’s real estate development.

Conclusion

The agreement between Retal and NHC marks a significant milestone in Saudi Arabia’s housing development efforts. By delivering 295 residential units in Riyadh’s suburbs, the project aims to provide quality housing and contribute to the nation’s broader urban development goals. As these developments unfold, Retal is poised to strengthen its market position and deliver substantial value to its stakeholders.

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