Retal Secures $71.5 Million Remal Business Court Contract in Al Khobar

AL KHOBAR, Saudi Arabia: Retal Urban Development Company has awarded a $71.5 million (SAR 267.98 million) design-and-build contract to its subsidiary, Building and Construction Company, for the Remal Business Court commercial development in Al Khobar.

The agreement was signed on 17 August 2026 with Remal Park Fund, an associate company in which Retal holds a stake. It covers the design and construction of the project, along with associated building and development works required for its completion.

The contract has a duration of 12 months from its effective date and is valued at $71.5 million (SAR 267,984,911), excluding applicable taxes and fees.

Building and Construction Company to Deliver Project

Building and Construction Company, which is 80%-owned by Retal, will be responsible for the project's design and construction.

Retal said the agreement was concluded on standard commercial terms, without preferential terms or benefits being extended to either party. The company expects the contract to have a positive financial impact on its results during 2026 and 2027 as work progresses.

The latest award builds on Retal's previous involvement in the development. In March 2025, Building and Construction Company signed an earlier $44.2 million (SAR 166 million) contract with Remal Park Fund covering skeleton structure works for the same project.

Across the two contracts, the value of work awarded to Retal's subsidiary for Remal Business Court now exceeds $115.7 million (SAR 434 million), as the project moves from structural works into broader design-and-build delivery.

Expanding Eastern Province Portfolio

Remal Business Court forms part of Retal's wider development activities in Saudi Arabia's Eastern Province, where the company has been building a portfolio of residential and commercial projects.

The latest contract also reflects Retal's strategy of delivering integrated real estate projects across key urban and commercial markets in the Kingdom.

Listed on the Saudi Exchange, Retal Urban Development has continued to expand its pipeline in Al Khobar, with the Remal Business Court contract strengthening the company's involvement in the Eastern Province's commercial real estate sector.