Saudi Arabia’s Retal Urban Development Company (Retal) has signed an agreement worth over $378m with National Housing Company (NHC) to develop a residential project in Al-Khobar. Retal will sub-develop 995 residential units in the  Al-Aziziya district of Al-Khobar city. The contract duration is 42 months. The agreement follows Retal's $131m contract award to its subsidiary Building Construction Company (BCC) to construct 371 residential units and associated infrastructure works in Roshn’s Sedra housing community in Riyadh. In January, Retal awarded another $100m contract to BCC  for the construction of 285 residential units in the Murcia zone of the Khuzam suburb in Riyadh. The duration of this contract is 2.5 years from the start of construction. The construction work is slated to start immediately and the project is expected to be completed in 2027. Prior to this, Retal awarded a $64m contract to BCC in April last year for the construction of eight residential buildings in Roshn’s Sedra housing community. In November 2023, Saudi Arabia’s Public Investment Fund (PIF)-backed gigaproject developer Roshn signed a $100m real estate development deal with Retal. The agreement covers the purchase of land and the development of 363 housing units in Sedra. In the same month, Retal and Saudi Arabia’s National Housing Company signed a $246m deal to develop projects in Riyadh and Jeddah. Retal was established in 2012 by the local Al-Fozan Holding Company to develop real estate projects in the kingdom. GlobalData expects the Saudi construction industry to record an annual average growth rate of 5.2% in 2025-28, supported by investments in transport, electricity, housing and tourism infrastructure projects, as well as the $850bn-plus gigaprojects programme.   (ICE RIYADH)

Fonte notizia: Meed