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Retal Urban Development said it has signed a contract with Building Construction Ltd. (BCC), an 80 percent owned subsidiary, to develop 901 villas for a project owned by Jubail and Yanbu Industrial Cities Services Co. (JABEEN) in Jubail City.
The contract is valued at 972 million Saudi riyals ($259.15 million), the company said in a statement to the Saudi stock exchange.
The project work has to be completed within 27 months.
The contract is expected to have a positive impact on the company’s financial results over 2025–2027, the statement said.
JABEEN is the investment arm of the Royal Commission for Jubail and Yanbu.
(Writing by P Deol; Editing by Anoop Menon)
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