Retal signs SAR 112.7M contract with affiliate to build 60 residential units in Jeddah

Logo of Retal Urban Development Co.

Retal Urban Development Co. signed a contract with its affiliate, Building Contraction Co. (BCC), to build 60 residential units in Al-Mohammedia district, Jeddah. The contract, with no preferential terms, is valued at SAR 112.7 million, exclusive of VAT and fees, if any.

The project will be financed from the available facilities and off-plan proceeds, Retal said in a statement to Tadawul.

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The contract, which was signed on Nov. 20, is valid for 30 months from the signing date.

The project is expected to have a positive impact on the company's results post the start of execution from 2024-2027.

Board members Abdul Rahman Al-Jalal, and Abdullah Al-Braikan, CFO of Retal, Ammar Al-Ghoul, CEO of BCC, and Omar Al-Jalal are related parties to the deal, the company added.