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Retal Urban Development Company has announced that it has awarded a SAR224.4 million ($59.7 million) construction contract to one of its key subsidiaries, Building Construction Company, for a key project located in the Saudi port city of Jeddah.
As per the deal, Building Construction Company will be responsible for the construction of 442 residential units within the South Jeddah development, said Retal in its filing to Saudi bourse Tadawul.
The entire work will be completed within a 30-month period, it added.
On the financial impact, the company stated that it is expected to have a positive impact on the results post the start of the project execution for 2024 , 2025 ,2026 & 2027.
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