Retal inks SAR 1.2B infrastructure development agreement in Jubail

27/11/2023 Argaam

Retal inks SAR 1.2B infrastructure development agreement in Jubail

Logo of Retal Urban Development Co.

Retal Urban Development Co. signed a contract with Jubail and Yanbu Industrial Cities Services Co. (JABEEN) to develop primary and secondary infrastructure works and build 897 residential units in Jubail industrial city.

 

The SAR 1.2 billion contract came in line with property purchase contracts signed between JABEEN and industrial companies operating in the Royal Commission for Jubail and Yanbu (RCJY) through their home ownership program, according to a statement to Tadawul.

 

The contract, which was awarded on Nov. 26, 2023, extends for 40 months, starting on the date of the land handover from JABEEN to Retal.

 

The relevant financial impact will likely appear in the company’s financials over 2024–2027.

 

The deal included no related parties, the statement added.

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