Retal signs Development Agreement with Wajha Alpha, expects return of SR64.2 mln

Retal Urban Development Company signed a Development Agreement with Wajha Alpha for Investment Co., a special purpose vehicle owned by a real estate development fund managed by Alpha Capital for the purpose of development, marketing and selling residential community located at Tharwa Town between Al-khobar and Dammam cities in the Eastern Region.
The contract value is represented in the total expected proceeds from the agreement is SR64,289,648. The total no. of units is 386. The aggregate land area is 142,433 m2 at Tharwa Town, Dammam.
The contract duration is 30 months. It is expected that this Agreement will have a positive impact on the financial results for the years 2023, 2024 and 2025.
Noting that there is an indirect interest for: Chairman of the Board Mr. Abdullah Abdullatif Al Fozan, Vice-Chairman of the Board Mr. Ali Abdullatif Al Fozan, Board member Mr. Fozan Mohammed Al Fozan and Executive committee member Mr. Abdullatif Ali Al Fozan