Retal awards contract to build 371 residences in Riyadh
Saudi-based Retal Urban Development Company has announced that it has awarded a SAR493 million ($131 million) contract to one of its key subsidiaries, Building Construction Company, for a major project in capital Riyadh.
As per the deal, Building Construction Company will be responsible for the construction of 371 residential units and other project infrastructure works at its Sidra development in Riyadh city, said Retal in its filing to Saudi bourse Tadawul.
The entire work will be completed within a 30-month period, it added.
On the financial impact, Retal said the project is expected to have a positive impact on the company's results post the start of the project execution for 2025, 2026 & 2027.
This is the second big win for Building Construction Company this year as in January it had clinched a contract from Retal to build 285 residential units in Murcia zone, Khozam suburb in Riyadh.-
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