Saudi-based Retal Urban Development Company has announced that one of its key ventures Remal Al Khobar Real Estate Company has awarded a construction contract worth SAR450 million ($120 million) for its Retal Rise and Nobu Hotel projects in Al Khobar City.

 

A major project in the kingdom's Eastern Province, Retal Rise features 129 residential units, while the Nobu Hotel consists of 101 rooms and 62 residential units managed by Nobu, in addition to the Nobu Restaurant and Café. 

 

All these projects are located in a unique location in the city of Al Khobar, overlooking the Corniche.

 

Remal Al Khobar, a joint venture 50% owned by Retal Urban Development Company, has signed up Specialized Construction Company for the project. 

 

Its scope of work includes implementation of MEP works for Retal Rise and Nobu hotel in addition to Nobu restaurant and café in Al Khobar City, said Retal in its filing to Saudi bourse Tadawul.

 

The entire work will be completed within a 15-month period from the effective date of the agreement, it stated.

 

On the financial impact, Retal said the project is expected to have a positive impact on the company's results post the start of the project execution for 2025 & 2026, it added.-TradeArabia News Service

Saudi-based Electrical Industries Company has announced that one of its key subsidiaries - Saudi Power Transformers Company - has been awarded a contract by Tecnicas Reunidas Saudia for Services and Contracting Company to supply transformers for a major project.

 

Headquartered in Al Khobar, Tecnicas Reunidas Saudia is a key unit of leading Spanish EPC contractor catering to the oil and gas, refining and petrochemical, power generation and infrastructure sectors.

 

Under the SAR129.3 million ($34.3 million) deal, Saudi Power Transformers Company will be responsible for the design, manufacture and supply of transformers, said Electrical Industries Company in its filing to Saudi bourse Tadawul.

 

The entire contract will be completed in 18 months, it stated.

 

The contract is expected to have a positive financial impact on the company results for the year 2026, it added.-TradeArabia News Service

Luxury real estate builder AMIS Development has broken ground on Woodland Terraces, an AED130 million ($35 million) residential project located in District 11, Meydan.

 

This milestone marks the beginning of construction for the modern luxury development, which is scheduled for completion in Q1 2027, said the developer.

 

Designed for modern living, the residences at Woodland Terraces include one-, two- and three-bedroom apartments featuring en-suite bathrooms, walk-in closets, and dedicated laundry areas to provide both style and functionality.

 

Residents will have access to a rooftop infinity pool, sporting amenities, a state-of-the-art fitness center, a yoga area, and an outdoor theater, while the ground floor includes a kids play area, a grand lobby, and a signature AMIS Café, it stated.

 

Speaking at the groundbreaking ceremony, Neeraj Mishra, the Founder and CEO of AMIS Development, said: "Breaking ground on Woodland Terraces is a testament to our vision of delivering exceptional homes that blend modern aesthetics with unparalleled comfort. Our project will be a defining addition to Meydan’s landscape, offering residents an elegant and contemporary lifestyle."

 

"With a strong foundation and unwavering dedication, we are excited to bring this development to life by Q1 2027," he stated.

 

Following the sell-out of The Woodland Residences in Meydan, Woodland Terraces advances AMIS Development’s mission to create meticulously designed homes that emphasize open-plan living, expansive terraces, and floor-to-ceiling glass facades, he added.-TradeArabia News Service