Mar.19, 2022

RETAL Signs 17 European Agreements to Upgrade Housing Projects in the Kingdom

RETAL Signs 17 European Agreements to Upgrade Housing Projects in the Kingdom

Retal Urban Development has signed 17 agreements with European companies of various nationalities, serving in real estate, design, and technology sectors. The agreements came on the sidelines of the company's participation in the Kingdom's pavilion "Invest in Saudi" at the MIPIM 2022 exhibition hosted by the French city of Cannes.

The agreements signed by Retal focused on various real estate fields that contribute to finding quality real estate products that meet the Saudis’ housing needs such as privacy, calm and stability.

Abdullah Al-Braikan, Retal CEO, said that one of the goals within the company's strategy is to develop real estate products, and play a key role to introduce the highest quality products that meet the needs of Saudi families to provide exemplary housing that brings happiness to its residents.

He added, “Stepping forward, Retal’s agreements with the European companies focused on several areas that support the company's future projects, including agreements in modern and unique residential designs, humanization of cities, and securing the aspect of privacy in housing, as well as agreements that serve digital transformation in the real estate sector.”

“The agreements concluded were with the best European companies with long-standing expertise in their fields,” he said. “All agreements are in the interest of achieving the aspirations of 2030 Vision, which allows citizens to own the property up to 70% after about eight years from now—which on the other hand, achieves the goal of humanization of the new cities,” he added.

"One of the most prominent companies with which we have concluded partnership is LDPI, with a partnership of 50% for Retal and 50% for LDPI as a foreign investor in the Kingdom. The signing of the agreement is under the umbrella of the Ministry of Investment in the Saudi pavilion in Cannes, as part of the ministry's continuous efforts to attract foreign investments in the Kingdom under the slogan "Invest in Saudi Arabia,” said Al-Braikan.

Retal was selected to participate in "Invest in Saudi" pavilion, due to its long-standing real estate experience, which qualified it to be among the most important Saudi companies in the field and as well as being awarded the best real estate developer for three consecutive years, in addition to its qualitative experience and efficiency in the completion of a number of housing projects in cooperation with the Ministry of Municipal and Rural Affairs and Housing, and its partnership with the National Housing Company and Roshan Real Estate Company.



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