Saudi-based developer Retal Urban Development Company has announced that one of its key subsidiaries, Building Construction Company (BCC), has secured a SR2.89-billion ($770 million) contract from Roshn, the PIF-owned giga project developer, for Aldanah, a major residential project in Dhahran.

Covering over 1.7 million sq m, Aldanah is Roshn’s sixth integrated community, second in the Eastern Province and first in Dhahran. It will add more than 2,500 world-class homes to the housing stock of Greater Dammam and will eventually be home to nearly 10,000 inhabitants.

Under this deal, BCC will develop and design the detailed masterplan as well as design and execute the infrastructure, landscaping and build a total of 1,962 residential units in addition to public amenities within the first phase of  Aldanah, according to a Retal filing to Saudi bourse Tadawul. The contract will be completed within 45 months, starting from the land handover date, it said.

Meanwhile, Retal has signed sub-development agreement with the National Housing Company (NHC) for  295 residential units in the suburbs of Riyadh at an investment of SR660 million.