Latest news with #AmmarAlGhoul
Argaam
19-05-2025
- Business
- Argaam
Retal studies new projects worth SAR 15B: CFO
Retal Urban Development Co. is currently studying projects valued at SAR 15 billion and is working to accelerate their conversion into actual projects within its portfolio, said CFO Ammar Al-Ghoul. In an exclusive interview on the sidelines of the Argaam Summit held last week in Riyadh, he added that a large percentage of these projects are being carried out in collaboration with real estate development funds. This allows the company to take advantage of such development services and cross-selling through its affiliated ecosystem, which includes project management, design, and real estate services. The company's projects are distributed as follows: 53% in the Central Region in Riyadh, 40% in the Eastern Province, and the remaining portion in the Western Province, he added. Al-Ghoul noted that Retal delivered strong financial performance in Q1 2025, driven by higher project completion rates and contractual sales of about SAR 1 billion, which is equivalent to one-third of 2024's entire contractual sales of SAR 3 billion. Retal's real estate portfolio is divided into direct development and development through real estate investment funds. The direct development portfolio is valued at about SAR 17.5 billion and includes about 9,200 housing units, while the REITs portfolio is estimated at SAR 13 billion. The company sold about 70% of the units within the direct development portfolio, with varying completion rates depending on the project, said the top executive. Regarding the impact of the decision to impose fees on idle land, Al-Ghoul stressed that the decision came at the right time, adding that it will encourage the utilization of idle land within urban boundaries. Thus, it will boost market supply, achieve balance in prices, and open new opportunities for developers like Retal to offer affordable housing products that have a positive impact on sales.
Argaam
12-05-2025
- Business
- Argaam
Retal's portfolio hits SAR 31B, 50% of projects in Riyadh: CFO
Retal Urban Development Co. 's portfolio is valued at SAR 31 billion, including SAR 13 billion in real estate developments among which is a divestment that was carried out in Q4 2024, in addition to SAR 18 billion in direct development, said CFO Ammar Al-Ghoul. The company's projects are distributed as follows: 50% in the Riyadh Region, 40% in the Eastern Province, and 10% in the Western Province, he added, in an interview with Al Arabiya TV. Al-Ghoul also pointed out that about 90% of the company's projects are within fully integrated urban development zones, adding that the company's sales reached SAR 1 billion in Q1 2025, compared to nearly SAR 3 billion in the entire of 2024. The company does not own undeveloped land, as all land is designated for contracted projects, said the official, highlighting that Retal aims to expand into integrated and mixed-use residential development in the future. He also stated that more than 800 housing units were delivered in 2024, with over 1,800 units targeted to be handed over in 2025. Meanwhile, around 65% of the total project portfolio has already been sold out, with the remaining portion in progress and pending delivery. As for interest rates, Al-Ghoul stated that despite high interest rates, the company's debt remains very balanced, with a net debt-to-equity ratio between 1.1-1.28, which is considered a very acceptable average in the sector.
