Saudi-based Retal Urban Development Company has announced that it has signed an agreement with leading real estate group Roshn, a unit of kingdom's sovereign wealth fund PIF (Public Investment Fund) for the purchase and development of residential lands within the Sedra residential neighborhood in Riyadh city.
As per the deal, Retal will build 363 residential units within the high-end development at a total investment of SAR375 million ($100 million), writes a TradeArabia staff reporter citing the Saudi company filing to Saudi bourse Tadawul.
The entire construction work will be completed within three years, it stated.
Retal had last year signed a similar contract with Roshn for the development of 554 residential units at Sedra.
On the financial impact, Retal said it is expected to have a positive impact on the company's results during the project development period over 2024 to 2026.-TradeArabia News Service
