Retal’s subsidiary inks $746mln deal with PIF-owned Roshn

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Riyadh – Building Construction Company Limited, a subsidiary of Retal Urban Development Company, was awarded a SAR 2.89 billion project contract with Roshn Group.

The listed company’s unit inked the deal with Roshn, owned by the Saudi Public Investment Fund (PIF), on 20 May 2024, according to a bourse disclosure.

The agreement covers the development, design, and infrastructure works of 1,962 residential units in Aldanah project Site 1 in Dharan City.

Meanwhile, the contract holds a tenor of 45 months, starting from the date of the land handover from Roshn to Building Construction.

Retal expected that the project would have a positive impact on its financial results during the period from 2024 to 2028.

In the three-month period that ended on 31 March 2024, the Tadawul-listed firm recorded 49.92% higher net profits at SAR 62.28 million, compared to SAR 41.54 million a year earlier.