Retal Urban Development Company has signed an agreement with Sakan Al Malqa Real Estate Company, an investment fund managed by SAB Invest, to develop Retal Heights, a mixed-use project in Riyadh, for 1.9 billion Saudi riyals ($505.74 million).

The project will be developed on 19,381 square metres (sqm) of land in Al Malqa district, the developer said in a statement to the Saudi stock exchange.

Retal, which holds a 24.52 percent stake in the fund, is estimated to get SAR 125.5 million in development fees.

It will oversee the design, development, execution, marketing, and sales phases, as well as coordinate with relevant authorities.

The contract duration is 48 months from the planned commencement date, the statement said.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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