Riyadh – Mubasher: Retal Urban Development Company has signed SAR 660 million sub-development agreements with Saudi state-owned National Housing Company to develop 295 residential Units in the Murcia zone in Riyadh's Khozam suburb.

The two entities signed the agreements on 16 May 2024 for a duration of 42 months, according to a bourse filing.

The contracted projects cover a total land area of 93,482.76 square meters.

In the first quarter (Q1) of 2024, Retal Urban Development logged a 49.92% annual increase in net profit to SAR 62.28 million from SAR 41.54 million in Q1-23.