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Retal to develop Jeddah and Al-Khobar projects

26 April 2023

Saudi Arabia’s National Housing Company (NHC) and Al-Khobar-based property developer Retal Urban Development Company have signed a conditional agreement to develop residential villas for Jeddah’s Est Albuhirat masterplan.

Valued at SR418.3m ($112m), the planned project will cover an area of 98,000 square metres.

The construction is scheduled for completion 42 months after NHC hands over the land.

Proceeds from off-plan sales and internal funds will finance the project.

In February, Retal signed an agreement with NHC to develop Al-Fursan City in northeast Riyadh.

The deal was among 18 real estate development agreements signed for the district’s first phase.

MEED reported in June 2022 that Retal had signed a deal worth SR339.5m ($90.5m) with Roshn to purchase 372 plots within the Sedra community.

In January 2023, Retal inked another partnership with Roshn to deliver 103 homes at the Sedra community in the Saudi capital. 

New real estate fund

Earlier in April, Retal set up a private real estate fund to develop projects in Al-Khobar.

The Rimal Park Fund will invest in a luxurious business complex and a mixed-use project. Both schemes will be developed on two adjacent land plots covering an area of 54,500 sq m.

The fund has an estimated cash and in-kind value of SR65m, representing 33 per cent of its equity.

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Eva Levesque

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