Riyadh – Mubasher: Retal Urban Development Company has sold its 50% stake in land located in Al Khobar city to Maali Holding Company at a value of SAR 67.43 million.

Built on an area spanning 44,959 square metres in Aziziya district, the asset’s book value amounts to SAR 42.48 million, according to a bourse filing on Monday.

The Tadawul-listed firm generated SAR 24.95 million worth of profits from the transaction. Meanwhile, Retal pointed out that it will use the proceeds of the agreement to finance expansion projects.

Last week, Retal sealed a deal worth nearly SAR 864 million with the National Housing Company to develop 759 housing units in Al Fursan district 1 on an area spanning 227,837 square metres.