RIYADH: Saudi Arabia’s Retal Urban Development has signed a SR339 million ($90.5 million) deal with the Public Investment Fund-backed Roshn Real Estate to buy 372 plots within its integrated community SEDRA in Riyadh.
Saudi-listed Roshn said it plans to develop the land according to its guidelines for SEDRA, according to MEED.
Located in the north of Riyadh, the project was launched last August by Roshn, with a plan to include 30,000 homes across eight phases.
The agreement is expected to directly impact Retal’s financials between 2022 and 2024.