Retal in deal to design, build 897 residential units in Jubail city
RIYADH, November 28, 2023
Saudi-based Retal Urban Development Company has reached an agreement with Jubail & Yanbu Industrial Cities Services Company (Jabeen) for the design and construction of 897 residential units in Jubail industrial city at a total investment of SAR1.2 buillion ($320 million).
As per the deal, the company will also develop primary and secondary infrastructure works for the Jubail industrial city project, writes a TradeArabia staff reporter citing a Retal filing to Saudi bourse Tadawul.
This comes in accordance with contracts for purchasing residential units to be signed between Jabeen and the industrial companies operating within Royal Commission for Jubail and Yanbu Cities through the home ownership programme of those companies, it added.
Retal said the entire project work will be completed within 40 months, starting from the date of the land handover by Jabeen.
On the financial impact, the Saudi developer said the project is expected to have a positive impact on the company's results during the project development from 2024 to 2027.-TradeArabia News Service