Riyadh – Mubasher: Retal Urban Development Company signed a SAR 142.39 million deal with its subsidiary Building Construction Company Limited, according to a bourse disclosure.
Under the contract, the two companies will join forces to develop 263 residential units in Riyadh without any preferential conditions or benefits.
Retal expected the project to reflect positively on its financial results from 2024 to 2027. The two entities inked the development agreement on 30 September 2024 for 30 months.
Last May, Building Construction sealed a contract worth SAR 2.89 billion with Roshn Group, owned by the Saudi Public Investment Fund (PIF).
In the first six months (6M) of 2024, the Tadawul-listed company recorded an annual growth of.46% in net profit to SAR 134.45 million, compared to SAR 112.54 million.
