Riyadh - Mubasher: Retal Urban Development Company signed a development management agreement with Sakan Al Malqa Real Estate Company, which is managed by SAB Invest Company, on 2 June.
Under the deal, Retal will become the exclusive development manager of the project, with fees amounting to SAR 125.50 million.
The fund plans to develop the Retal Heights mixed-use project with an estimated cost of SAR 1.90 billion. It is located on a plot of land measuring 19,381 square meters in Riyadh City.
Both entities will oversee the phases of design, development, execution, marketing, and sales, as well as coordinating with the relevant authorities for 48 months.
The project is expected to reflect positively on Retal’s financial results from 2026 through 2029.
In the first quarter (Q1) of 2026, the company’s net profits declined by 12.92% to SAR 59.30 million from SAR 68.10 million in Q1-25.
