Retal wins $770m contract to build Dhahran city residences
DHAHRAN, May 21, 2024
Saudi-based developer Retal Urban Development Company has announced that one of its key subsidiaries, Building Construction Company (BCC), has secured a SAR2.89 billion ($770 million) contract from Roshn, the PIF-owned giga project developer, for Aldanah, a major residential project in Dhahran city.
Covering over 1.7 million sq m, Aldanah is Roshn's sixth integrated community, second in the Eastern Province and first in Dhahran.
It will add more than 2,500 world-class homes to the housing stock of the economic hub of Greater Dammam and will eventually be home to nearly 10,000 inhabitants.
It is strategically located in the heart of Greater Dammam, at the confluence of Dammam, Dhahran, and Al Khobar, next to King Abdulaziz Road and just 20 minutes from King Fahd International Airport.
Under this deal, BCC will develop and design the detailed masterplan as well as design and execute the infrastructure, landscape and build a total of 1,962 residential units in addition to public amenities within the first phase of Aldanah, writes a TradeArabia staff reporter citing a Retal filing to Saudi bourse Tadawul.
The entire contract work will be completed within 45 months, starting from the date of the land handover from Roshn Group to BCC, it said the filing.
On the financial impact, Retal said the project is expected to have a positive impact on the company's results during the project execution for the period from 2024 through to 2028.
This comes close on the heels of BCC's recent contract win from Roshn for the construction of eight residential buildings in Sedra district in Riyadh City.
BCC will complete the contract work within 26 months from the effective date of the contract.
The Retal unit had last year clinched a major contract for the development of 352 residential units in the Sadayem Suburb of Jeddah.
The project will be coming up over a 100,959 sq m area in the Saudi port city.-TradeArabia News Service
