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Retal Urban Development Company announces the signing of a development agreement with the Ministry of Housing and Urban Planning in the Sultanate of Oman for the purpose of developing an integrated residential community within Sultan Haitham City, Muscat Governorate, with an estimated project value of SAR 3.1 billion (equivalent to about OMR 320 million)
| Element List | Explanation |
|---|---|
| Introduction | Retal Urban Development Company announces the signing of a development agreement with the Ministry of Housing and Urban Planning in the Sultanate of Oman, under which the Company will develop an integrated residential community that includes areas 3, 15 and 17 within Sultan Haitham City, located in the Wilayat of Seeb in Muscat Governorate. According to the agreement, Retal will serve as the Lead Developer |
| Date of Announcement of the Award | 2026-05-10 Corresponding to 1447-11-23 |
| Contract Subject Matter | Developing an integrated residential community within Sultan Haitham City in the Wilayat of Seeb in Muscat Governorate, Sultanate of Oman, including Zones 3, 15 and 17 |
| The Entity with Which the Contract was Signed | Government of the Sultanate of Oman, represented by the Ministry of Housing and Urban Planning |
| Date of Signing the Contract | 2026-05-10 Corresponding to 1447-11-23 |
| Contract Value | The estimated value of the project is SAR 3.1 billion (equivalent to about OMR 320 million) |
| Contract Details | The agreement consists of the development of an integrated residential community on a total land area of 1.3 million square meters within Sultan Haitham City in the Wilayat of Seeb in Muscat Governorate. The project includes more than 2,000 residential units, including villas and apartments, as well as commercial and mixed-use components and community facilities The development will be executed according to the off-plan sale model, and will be enhanced by an integrated network of infrastructure, green spaces, shops, and public facilities, with the aim of providing an integrated and self-sustainable residential environment that serves the beneficiaries of Omani Citizens and Investors |
| Contract Duration | The development period of the project, according to the initial plan, is estimated to be about nine (9) years |
| Financial Impact and the Relevant Period | The project is expected to have a positive impact on the Company's results, starting from 2027 and continuing throughout the development period |
| Related Parties | N/A |
| Additional Information | It is worth mentioning that this project represents Retal Urban Development Company's first project in the Sultanate of Oman, as part of the Company's strategy for regional expansion. For any inquiries, please contact Investor Relations Department at: +966138013803 or by e-mail: IR@retal.com.sa |
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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