Retal inks SAR 450M contract for Retal Rise project construction

Logo of Retal Urban Development Co. 

Retal Urban Development Co. said that Remal Al Khobar Real Estate Co., a 50%-owned joint venture, signed a SAR 450 million contract with Specialized Construction Co. Ltd. to carry out construction work for the Retal Rise project and Nobu Hotel and restaurant in Al Khobar. The contract value excludes taxes and fees, if applicable.

In a statement to Tadawul today, March 16, Retal said the agreement does not include any preferential benefits. The contract has a term of 15 months from the effective date.

The company added that the contract covers finishing and MEP (mechanical, electrical, and plumbing) work for Retal Rise and Nobu Hotel, as well as the Nobu restaurant and café in Al Khobar.

Retal expects the project to have a positive impact on its financial results from 2025 and 2026 after construction begins.

For more news and details on the projects

The company also noted that related parties to the contract include Chairman Abdullah Abdullatif Al Fozan, board members Abdul Rahman Ibrahim Al-Jalal and Abdullah Faisal Al-Braikan, Retal CFO Ammar Mohammed Al-Ghoul, and Building Construction Co. CEO Omar Ibrahim Al-Jalal.

The Retal Rise project will feature 129 residential units, while Nobu Hotel will include 101 rooms and 62 residential units managed by Nobu. The Nobu Restaurant and Café will also be part of the development, which overlooks the Corniche in Al Khobar.