Retal signs development agreement for residential units, expects SAR 64.3 mln returns

Logo of Retal Urban Development Co. 

Retal Urban Development Co. signed an agreement with Wajha Alpha for Investment Co., a special purpose vehicle owned by a real estate development fund managed by Alpha Capital, to develop, market and sell residential community located in Tharwa Town between Al-Khobar and Dammam cities in the Eastern Province.

In a statement to Tadawul, Retal said that the contract duration is 30 months and the expected returns are SAR 64.29 million.

The agreement covers 142,430 square meters of land with 386 units.

There is an indirect interest for Chairman Abdullah Abdullatif Al Fozan, Vice Chairman Ali Abdullatif Al Fozan, board member Fozan Mohammed Al Fozan and executive committee Abdullatif Ali Al Fozan, the statement said.

The agreement is expected to positively impact the financial results 2023, 2024 and 2025, it added.