Retal's SAR 123.8M ROSHN Deal: 163 Units in AlManar

Retal Urban Development Co. signed two agreements with PIF-owned ROSHN Group on July 1 to develop 163 residential units in the AlManar Community. The contracts are worth a combined SAR 123.8 million.

The first agreement covers construction of 111 villas for SAR 85.4 million. The second covers 52 apartment units for SAR 38.4 million. Both are set for completion within 24 months.

ROSHN is the real estate development arm of Saudi Arabia's Public Investment Fund. The AlManar project is part of ROSHN's broader push to deliver 400,000 housing units across the kingdom under Vision 2030 targets.

Retal shares closed at SAR 14.22 on Monday, up 0.6% on the session. The stock has gained roughly 12% year to date.

The deal adds to Retal's backlog of government and semi-government contracts. The company reported SAR 1.2 billion in backlog as of its last quarterly filing, with ROSHN accounting for a growing share of that pipeline.

Construction timelines for the AlManar units align with ROSHN's stated delivery schedule for the first phase of the community, which targets handover by late 2026.