Saudi-based Retal Urban Development Company said it has signed an agreement with National Housing Company (NHC) to build a major residential project in the Al Fursan suburb of Riyadh at a total investment of SAR5.2 billion ($1.39 billion).

Spanning over 1 million sq m, the key development will feature a total of 4,839 residential units - including villas and apartments - along with commercial and mixed-use components, said Retal in its filing to Saudi bourse Tadawul.

The scope of work includes design, marketing, financing, construction and delivery of the units, as well as implementation of full infrastructure works.

On the financial impact, Retal said it is expected to have a positive impact on the company’s results during the development period of the project.

The entire project will be competed within a four-year period, it added.-TradeArabia News Service