The National Housing Company (NHC), has signed a sub-development agreement with Retal Urban Development Company to construct 995 residential units in the Al-Aziziyah neighborhood of Al-Khobar, with a total value of 1.41 billion riyals (excluding taxes and fees).
In a statement published today, Thursday, on the “Tadawul” on Thursday that the project will be completed within 42 months from the effective date of the agreement, noting that this strategic partnership is part of its expansion plans to help meet the growing demand for residential units in the Kingdom.
The company clarified that the project is expected to have a positive financial impact on its results during the implementation period, which extends through 2025, 2026, 2027, and 2028, while emphasizing that the agreement does not involve related parties.
It is worth noting that "Ratal," which was founded in 2012 and listed on the Saudi Stock Exchange ten years later, is considered one of the leading companies in the real estate development sector across all segments, from the purchase and sale of land to real estate development and investment. Its current market capitalization stands at approximately 7.34 billion riyals, with Al-Fawzan Holding Company holding the largest stake at 53%.
The National Housing Company (NHC) was established in 2017 as an executive arm to support the objectives of the Ministry of Municipal, Rural Affairs, and Housing by providing integrated development services that accelerate the pace of residential project construction in the Kingdom. To date, the company has stated that it has sold more than 108,000 housing units, of which it has delivered approximately 52,700, while more than 164,000 units remain under construction, spread across 434 housing projects in various regions of the Kingdom.
"Ratal" “Ratal” a 10% increase in its net profit during the first quarter of this year on a year-over-year basis, reaching 68 million riyals, driven by higher completion rates in ongoing projects, as well as lower sales and marketing expenses. The company’s revenue also rose by more than 13% during the same period to reach 567 million riyals, driven by growth in sales of development contracts.
