Retal Signs Development Management Agreement with Business Oasis Fund for SAR 25 mln

Retal Urban Development Company signed a development management agreement with Business Oasis Fund, managed by BlomInvest Saudi Arabia, to appoint Retal as the development manager for a luxury office and showroom complex project in the city of Riyadh on a plot of land with an area of 40,000 square meters, without any conditions or preferential benefits, as the value of the contract is 25 million riyals, excluding taxes and fees, if any, for a period of 30 months from the date of the start of construction work.

The company said in a statement today on Tadawul that the project is expected to have a positive impact on the financial results after starting the implementation of the project for the years 2024, 2025, and 2026, indicating that the relevant parties are: Chairman of the Board of Directors (BOD), Mr. Abdullah Abdul Latif Al- Fozan, and BOD Vice-Chairman Mr. Ali Abdul Latif Al- Fozan, Board member Mr. Fozan Muhammad Al- Fozan, and Board member Mr. Fahd Abdul Rahman Al-Mujil.