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Saudi-based Retal Urban Development Company has announced that it has signed a shareholders agreement with the Saudi Arabian Railways Company for the construction of a commercial mall at a strategic location in the kingdom.
Retal Urban Development Company said for this purpose it has set up a special purpose vehicle in joint venture partnership with Saudi Arabian Railways Company.
The move is mainly aimed at supporting the business and growth of Retal's strategy, it added.
This comes close on the heels of its strategic agreement with leading real estate group Roshn for the construction of 554 residential units at its landmark project, Sedra, located in northern Riyadh.
TradeArabia had last year reported that the pact with Roshn, a unit of Saudi sovereign wealth fund PIF (Public Investment Fund), will see residential villas and apartments being built within Sedra at a total investment of SR357 million ($95 million).
In October, Retal signed an agreement with the National Housing Company for the development of 550 residentail units within the Al Fursan district 2 in the capital Riyadh.
The SR605 million ($161 million) project, which will come up on a 166,446-sq-m area, is being primarily funded through off-plan sales and partially from self-financing.
It had inked a similar agreement with NHC a month earlier to build another 759 residential units in the Al Fursan District I in Riyadh at a total investment of SR864 million ($230 million), it added.-TradeArabia News Service