Retal Urban Development Company has signed a contract with Jubail and Yanbu Industrial Cities Services Company (Jabeen) for a development project at a projected value of $320 million. The two companies will create primary and secondary infrastructure works, in addition to the design and construction of 897 residential units in Jubail Industrial City.
The agreement has a 40-month lifespan that begins on the day Retal secures the land from Jabeen
Retal stated that contracts for the purchase of residential properties will be made between Jabeen and businesses that run inside the Royal Commission for the cities of Yanbu and Jubail. Sealed on 26 November 2023, the agreement has a 40-month lifespan that begins on the day Retal secures the land from Jabeen.
Earlier in November, the National Housing Company and Retal inked two deals at a total value of $246.60 million.