Retal Urban Development Company and National Housing Company inked a development agreement worth SAR 418.31 million on 18 April, according to a bourse disclosure.

Under the 42-month deal, the two companies will team up to establish residential villas on a total area of 98,098 square metres within the master plan of the East Albuhirat project in Jeddah.

Meanwhile, the development scheme will be partially self-funded and based mainly on off-plan sales.

Retal pointed out that the project will have a positive impact on its financial results after the issuance of the off-plan sale permit.

Earlier this month, the Tadawul-listed firm launched Rimal Park Fund at an estimated value of SAR 65 million, which aimed to develop a residential and commercial complex in Al Khobar.