Riyadh, Saudi Arabia — Jubail and Yanbu Industrial Cities Services Co. (JABEEN) has signed several contracts with real estate developer Retal Urban Development Co and Abyatna Company to develop 1,901 residential units with integrated infrastructure services in both the Jalmudah and Al-Matarfiya neighborhoods in Jubail Industrial City.
Argaam reported that the SAR 1.2 billion ($319 million) contract with Retal came in line with property purchase contracts signed between JABEEN and industrial companies operating in the Royal Commission for Jubail and Yanbu (RCJY) through their home ownership program.
The $319 million contract, which was awarded on Nov. 26, 2023, extends for 40 months, starting on the date of the land handover from JABEEN to Retal.
The relevant financial impact will likely appear in the company’s financials over 2024–2027, Argaam reported. The deal included no related parties, the statement added.
Also, JABEEN signed several contracts with Retal and Abyatna Company
JABEEN said the signing of these contracts comes within the framework of the efforts of the Royal Commission for Jubail and Yanbu to promote economic and social development in its cities. Through these projects, it seeks to provide new housing units and attract more investments to its industrial cities.
