Retal wins $770m contract to build in Dhahran

Alamy via Reuters

• Retal and Roshn sign SAR2.9bn deal
• Part of Aldanah project
• Targeting 70% home ownership

The Saudi builder Retal has signed a SAR2.9 billion ($770 million) contract to design and build nearly 2,000 residential units in Dhahran, Eastern Province, for the giga-project developer Roshn. 

Retal “will develop and design the detailed master plan, design and execute the infrastructure, landscape, construct 1,962 residential units and public amenities building in Aldanah project,” the company said in a statement issued to the Saudi stock market, on which Retal is listed.

Roshn, which is owned by the Public Investment Fund, announced the Aldanah project last month. Retal will complete the work by early 2028. 

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Last week Retal signed an agreement to develop 295 residential units in the National Housing Company’s Khozam project in Riyadh for SAR790 million, with delivery by late 2027. 

Retal is also constructing residential units for Roshn in its Sedra project in Riyadh. 

Aldanah is Roshn’s sixth major housing project, and its second in the Eastern Province. 

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• Roshn awards $57m contract for Riyadh villa community

Last month Roshn said its seventh project would be a residential community in Mecca catering to middle-income Saudis. The Almanar project will sit on the western outskirts of the city, with easy access to Jeddah airport. 

Roshn has a mandate to raise home ownership among Saudi nationals to 70 percent by 2030. Home ownership was put at 61 percent at the end of 2022, in the last official census.