Retal signs contract with JABEEN to develop 897 residential units in Jubail Industrial City for SAR 1.2 bln

Retal Urban Development Company signed a contract to develop primary and secondary infrastructure works in addition to designing and constructing 897 residential units in Jubail industrial city, in accordance with contracts for purchasing residential units to be signed between Jubail & Yanbu Industrial Cities Services Company “JABEEN” and industrial companies operating within Royal Commission for Jubail and Yanbu Cities, through the homeownership program of those companies, with a total project value estimated at 1.2 billion Saudi riyals.

The Company said today on Tadawul that the duration of the agreement is 40 months, starting on the date of the land handover from Jubail and Yanbu Industrial Cities Services Company (JABEEN) to Retal Company.

The Company explained that the project is expected to have a positive impact on the Company’s results during the project development for the years 2024, 2025, 2026, and 2027.