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Retal Urban Development Company Announces Contract Sign Off with the National Housing Company to Develop 327 Residential Units in Jeddah.
| Element List | Explanation |
|---|---|
| Transaction Details | Signing a Conditional Development Agreement with the National Housing to develop residential villas within the master plan of the East Albuhirat project in Jeddah, with total project value of 418,312,815 Saudi Riyals including the value of the land. |
| Transaction Value | 418,312,815 Saudi Riyals. Including the value of the land. |
| Transaction Terms | Developing the allocated area within the master plan of the East Albuhirat master plan in accordance with the provisions of the agreement. |
| Parties of the Transaction | Retal Urban Development Company National Housing Company |
| Transaction Funding Method | The project will be financed mainly based on the off-plan sales and partially on self-financing. |
| Transaction Execution Date | 2023-04-18 Corresponding to 1444-09-27 |
| Description of the Business of the Asset forming the Subject Matter of the Transaction | Residential lands with a total area of 98,098.55 square meters within the master plan of the East Albuhirat project - Jeddah |
| Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction | Not Applicable |
| Transaction reasons | Retal Urban Developed Company entered into this agreement to benefit from the strategic location of East Albuhirat Masterplan. As Retal Urban Development Company aims to fully develop residential plots to provide residential villas of various sizes that meet the desires and needs of the project's customers. |
| Expected Impact of the Transaction on the Company and Its Operations | The project is expected to have a positive impact on the company's results after the issuance of the off-plan sale permit and the start of sales and implementation. |
| Related Parties | None |
| Additional Information | The project sales will start after obtaining the off-plan sale permit for the project. Construction activities will start the next day of land handover from National Housing Company to Retal Agreement duration is 42 months. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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