Saudi-based Retal Urban Development Company has announced that one of its key ventures Remal Al Khobar Real Estate Company has awarded a construction contract worth SAR450 million ($120 million) for its Retal Rise and Nobu Hotel projects in Al Khobar City.

Retal Rise features 129 residential units, while the Nobu Hotel consists of 101 rooms and 62 residential units managed by Nobu, in addition to the Nobu Restaurant and Café.

These projects are strategically located overlooking the corniche.

Remal Al Khobar has signed up Specialized Construction Company for the project.  Its scope of work includes implementation of MEP works for Retal Rise and Nobu hotel in addition to Nobu restaurant and café in Al Khobar City, said Retal in its filing to Saudi bourse Tadawul.

The entire work will be completed within a 15-month period, it stated.

Retal Urban Development Company has also announced that its subsidiary Building Construction Company has signed a SAR166 million contract with Remal Park Fund to implement the structure works for the Remal Business Court project in Al Khobar.