Riyadh – Mubasher: Retal Urban Development Company signed an agreement to purchase residential lands with Roshn Real Estate Company, a subsidiary of the Public Investment Fund (PIF).

The listed company will develop 363 residential units in the Sedra residential neighborhood in Riyadh, according to a bourse filing.

The two parties inked the 36-month contract on 28 November 2023 at an amount of SAR 374.76 million.

Retal expected that the development would have a positive impact on its results during the period from 2024 to 2026.

Earlier this week, Retal joined forces with Jubail and Yanbu Industrial Cities Services Company (Jabeen) for a SAR 1.20 billion development project.

In the first nine months (9M) of 2023, the listed firm’s net profits after Zakat and tax dropped by 20.32% to SAR 145.98 million from SAR 183.20 million in 9M-22.