Riyadh, Saudi Arabia— Retal Urban Development Co.’s shares climbed up 2.4 percent on the back of news that it has signed a sub-development agreement with National Housing Co. to develop 550 housing units in Riyadh for $161 million.
The Saudi developer’s shares rose 2.04 percent to end Tuesday’s trading session at SR140.
Retal said in a bourse filing that the the project is expected to positively affect the company’s results after the sale begins and the project is completed.
Details of the financial impact and progress of the project will be announced in the near future, it added.
Last month, Retal and National Housing signed another agreement to build 759 housing units in Riyadh worth an estimated SR864 million.