Retal Urban Development Company and Jubail and Yanbu Industrial Cities Services Company (JABEEN) have struck a SAR1.2 billion ($320 billion) agreement, paving the way for infrastructure enhancements and a boost in residential units within Jubail’s industrial landscape.
As per a statement from Tadawul, the agreement includes the construction of 897 houses in Jubail Industrial City, in addition to the development of primary and secondary infrastructure.
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This progress comes after JABEEN executed property purchase contracts with industrial companies that are active within the Royal Commission for Jubail and Yanbu cities.
According to the statement, the contract has a duration of 40 months, and the financial effects of the agreement are projected to be reflected in the company’s financial reports between 2024 and 2027.
Retal announced on November 21 that it has entered into two development agreements with National Housing Co., amounting to SAR925 million, to construct residential units in Riyadh and Jeddah.
In a filing with the stock exchange, the company disclosed its plans to construct 366 residential units in Zone 1 and 2 of Riyadh, as well as 803 houses in Jeddah.
During November, Retal forged an additional agreement with NHC to construct 366 residential units in Zones 1 and 2 of Al Shafa Residential Land in Riyadh. The estimated value of this development is SR290 million.
This undertaking followed a previous deal initiated by the company in October, which introduced the Ewan Tharwa project in Khobar. The project comprises 386 villas with diverse sizes and layouts, encompassing a significant area of 142,400 sq. meters.
Furthermore, in September, Retal joined forces with Marriott International to embark on the development of the Ritz-Carlton Hotel and a lavish waterfront along the Arabian Gulf coast in Al-Khobar.
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