Retal Signs $252M Deal with Saudi Arabia’s NHC to Develop 947 Residential Units in Riyadh
Saudi Arabia: Retal Urban Development Company announced agreements with Saudi Arabia’s National Housing Company (NHC) to develop 947 residential units and related infrastructure on land in Riyadh’s Al Khozam suburb. The conditional agreements, disclosed in a Tadawul filing, are valued at over $252.3 million (SAR947.6 million), with delivery expected within 55 months, or about 4.5 years. Retal anticipates a positive financial impact from the project between 2025 and 2029.
This project is part of a broader series of residential construction deals Retal has pursued over the past year, including a May agreement for 295 units in Riyadh for NHC, 442 units in Jeddah worth $60 million with Building Construction Company (BCC), two agreements with ROSHN Group for 644 units in Riyadh valued at $211 million, and another deal with BCC worth $38 million to build 263 units in Riyadh.
Source: Construction Week Online