Saudi's Retal Urban Development Company announced on Monday that it has signed an agreement with Jubail and Yanbu Industrial Cities Services Co. (JABEEN), the investment arm of the Royal Commission for Jubail and Yanbu (RCJY), to develop primary and secondary infrastructure works and to design and construct 897 residential units in Jubail Industrial City.
The total estimated project value is 1.2 billion Saudi riyals ($319.97 million), the developer said in a statement to the Saudi stock exchange.
The duration of the agreement is 40 months, starting on the date of the land handover from JABEEN to Retal Company, the statement said.
The project is in accordance with contracts for purchasing residential units to be signed between JABEEN and industrial companies operating within RCJY under the home ownership programme.
The programme involves the development of residential units for home ownership for industrial workers and small and medium enterprises in Yanbu and Jubail, according to JABEEN's website.
(Writing by D Madhura; Editing by Anoop Menon)
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