Retal nears finalizing fund for King Salman Park project

Logo of Retal Urban Development Co.

Retal Urban Development Co. said the project awarded by King Salman Park Co. to a consortium led by the company is backed by an investment fund managed by Alawwal Invest, in which Retal is a participant.

The company said the official and regulatory procedures to determine the final participation ratios of the partners are nearing completion.

In a statement to Tadawul, Retal said the fund is regulated by the Capital Market Authority (CMA). King Salman Park Real Estate Development and Investment Co. will contribute the project land, while consortium partners will provide capital and development expertise.

According to Argaam data, the King Salman Park Foundation announced on March 10 the award of the fourth package of its investment program to a consortium led by Retal Urban Development Co. The project involves developing a mixed-use residential development in the heart of the park’s cultural district as part of the foundation’s broader real estate investment program.

The project is backed by an investment fund managed by Alawwal Invest with a total value exceeding SAR 3.2 billion.