Retal Urban Development Company, one of Saudi Arabia’s leading firms, has received a project award letter valued at SAR 3.2 billion (approximately $853 million) from King Salman Park Company. The award was granted to a consortium led by Retal. This announcement was disclosed on Wednesday through the Saudi Stock Exchange (Tadawul).
The project aims to establish a mixed-use complex with a strong residential character as part of the fourth package of the cultural district within King Salman Park in Riyadh. The development will feature a fully integrated urban area comprising more than 600 residential units and over 140 hotel units.
It will also include approximately 50,000 square meters of office space, alongside a variety of commercial activities such as retail stores, restaurants, cafés, and other unique experiences. The project is being implemented with support from an investment fund managed by Alawwal Invest, with participation from Retal. Procedures and regulatory steps are currently underway to determine the ownership shares of the participating partners in the project.
The project falls under the supervision and regulation of the Capital Market Authority. King Salman Park Company for Real Estate Development and Investment will contribute the project land, while the investment consortium partners will provide the necessary capital and technical expertise for development.
It is worth noting that last December, Retal signed an agreement to develop a new residential real estate project with the National Housing Company. The project includes residential and commercial units in addition to mixed-use spaces, with a total value of SAR 5.2 billion (approximately $1.4 billion).
