RIYADH: Retal Urban Development Co.’s shares led the gainers in early trading, after it signed a sub-development agreement with National Housing Co. to develop 550 housing units in Riyadh for SR605 million ($161 million).
The Saudi developer’s shares rose 3.06 percent to SR141.40, as of 10:13 a.m. Saudi time.
The project is expected to positively affect the company’s results after the sale begins and the project is completed, Retal said in a bourse filing.
Details of the financial impact and progress of the project will be announced in the near future, it added.
Last month, Retal and National Housing signed another agreement to build 759 housing units in Riyadh worth an estimated SR864 million.