Urban Development Company “Retal” announced today (Wednesday) the signing of a development management agreement with Sakn Al Malqa Real Estate Company, the fund managed by Al Awal Investment Company.

The company stated in a press release that the fund aims to develop the Retal Heights mixed-use project, which includes residential and commercial units in the Al Malqa district of Riyadh. The land area allocated for the project is 19,381 square meters.

It explained that the total cost of the project is estimated at approximately 1.9 billion riyals, with the estimated developer fees reaching 125.5 million riyals. Retal holds a 24.52% stake in the fund. The contract duration extends to 48 months from the scheduled start date, with the company expecting the project to have a positive impact on its results, extending throughout the implementation period from 2026 to 2029.

It also indicated that under the agreement, Retal will be the exclusive development manager for the project, overseeing the design, development, implementation, marketing, and sales phases, as well as coordinating with relevant authorities.

Al Malqa district

Al Malqa is a residential district located in northern Riyadh, Saudi Arabia, known for its modern urban planning and family-friendly environment. Developed primarily in the late 20th and early 21st centuries as part of Riyadh’s expansion, it features a mix of villas, apartments, and commercial areas. The district is also home to several educational institutions and parks, reflecting the city’s growth and focus on community living.

Riyadh

Riyadh is the capital and largest city of Saudi Arabia, located in the heart of the Arabian Peninsula. Originally a small, walled desert settlement known for its date palms and wells, it rose to prominence in the 19th century as the stronghold of the Al Saud dynasty, culminating in the recapture of the city in 1902 by King Abdulaziz. Since then, Riyadh has transformed into a modern, sprawling metropolis, serving as the political and administrative center of the kingdom.