In a significant development, Retal Urban Development Company and its subsidiary, Building Construction Company, have inked a SAR 48 million ($12.8 million) agreement to construct four residential buildings in Khobar’s Alsadafah district.

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As disclosed in a recent bourse filing, the agreement is set to span 20 months, commencing from the signing date on January 28, 2024. Retal underscores the favorable outcomes anticipated from the project, particularly during the execution phase in the years 2024 and 2025.

This strategic move by Retal aligns with the company’s commitment to advancing urban development in the region. The Alsadafah district in Khobar is poised to witness significant growth with the addition of these residential buildings, catering to the evolving housing needs of the community.

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It’s noteworthy that Retal is actively involved in collaborations to drive real estate projects forward. In November 2023, the company sealed a SAR 374.76 million contract with Roshn Real Estate Company, a subsidiary of the Public Investment Fund (PIF). This collaboration reflects Retal’s dedication to engaging in ventures that contribute to the development and expansion of the real estate landscape.

The timing of these agreements indicates a strategic approach by Retal, capitalizing on emerging opportunities and reinforcing its position as a key player in the urban development sector. As the projects unfold, they are expected to make a positive impact not only on the company’s growth trajectory but also on the overall real estate market in Khobar.

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The SAR 48 million agreement marks another milestone for Retal, showcasing its commitment to delivering high-quality residential spaces that meet the modern lifestyle demands of the Alsadafah district. Stay tuned for updates on the progress of this venture and its potential implications for the dynamic real estate scene in Saudi Arabia.