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Saudi Arabia’s Retal Urban Development Company (Retal) has awarded a SR240m ($64m) contract to its subsidiary Building Construction Company.

The contract covers constructing eight residential buildings in Roshn’s Sedra housing community in Riyadh.

The contract duration is 26 months.

In November last year, Saudi Arabia’s Public Investment Fund (PIF)-backed gigaproject developer Roshn signed a SR374.76m ($100m) real estate development deal with Retal.

The agreement covers the purchase of land and the development of 363 housing units in Sedra.

The contract duration is three years, according to the official statement issued on Saudi Arabia’s stock exchange Tadawaul.

Retal was established in 2012 by the local Al Fozan Holding Company to develop real estate projects in the kingdom.

Created in 2018, Roshn aims to increase homeownership rates among Saudi citizens to 7%.

The company plans to develop more than 395,000 residential units in cities within Riyadh, Mecca, Asir and the Eastern Region.

Roshn is developing the Sedra community in northeast Riyadh. It is masterplanned to include 30,000 homes across eight phases.

MEED's April 2024 special report on Saudi Arabia includes:

> GVT & ECONOMY: Saudi Arabia seeks diversification amid regional tensions
> BANKING: Saudi lenders gear up for corporate growth
> UPSTREAM: Aramco spending drawdown to jolt oil projects
> DOWNSTREAM: Master Gas System spending stimulates Saudi downstream sector
> POWER: Riyadh to sustain power spending
> WATER: Growth inevitable for the Saudi water sector
> CONSTRUCTION: Saudi gigaprojects propel construction sector
> TRANSPORT: Saudi Arabia’s transport sector offers prospects