RIYADH: Jubail’s industrial landscape is slated for infrastructure improvements, coupled with an increased supply of residential units, following an SR1.2 billion ($320 billion) agreement between Retal Urban Development Co. and Jubail and Yanbu Industrial Cities Services Co.
The deal entails the construction of 897 houses in Jubail Industrial City, along with primary and secondary infrastructure development, according to a Tadawul statement.
This development follows the execution of property purchase contracts between JABEEN and industrial companies operating within the Royal Commission for Jubail and Yanbu cities.
The statement further noted that the contract has a validity period of 40 months, and the financial impact of the deal is expected to appear in the company’s financials over 2024 to 2027.
Retal added that there are no related parties included in the deal.
On Nov. 21, Retal revealed that it signed two development agreements with National Housing Co. to develop residential units in Riyadh and Jeddah at SR925 million.
In a bourse filing, the company revealed that it would develop 366 residential units in Zone 1 and 2 in Riyadh and 803 houses in Jeddah.
In November, Retal entered into another agreement with NHC to develop 366 residential units in Zones 1 and 2 within Al Shafa Residential Land in Riyadh, with an estimated value of SR290 million.
This development followed another deal initiated by the firm in October, which marked the launch of the Ewan Tharwa project in Khobar. The project encompasses 386 villas featuring various spaces and modules, covering a substantial area of 142,400 sq. meters.
In September, Retal collaborated with Marriott International to embark on the development of the Ritz-Carlton Hotel and a luxurious waterfront along the Arabian Gulf coast in Al-Khobar.
Additionally, in November, Retal disclosed its financial performance for the first nine months of the year. The company reported a net profit of SR146 million during this period, marking a 20 percent decline compared to the corresponding period of the previous year.
Furthermore, in the third quarter of the year, Retal’s profit experienced a decline of 63 percent, amounting to SR33.4 million, in comparison to the same quarter of the previous year.
