Riyadh – Mubasher: Retal Urban Development Company has launched a private real estate fund under the name Rimal Park at an estimated value of SAR 65 million, which is equivalent to 33% of the fund's equity.
Besides developing a business complex, the new entity will establish a residential as well as commercial complex for two adjacent lands spanning 54,503 square metres in Al Khobar.
According to a bourse disclosure, Bloom Saudi Investment Company will be the manager of Rimal Park, whose term is five years.
Last December, Retal inked two contracts worth SAR 356.89 million with Roshn Real Estate Company to build around 554 residential villas and apartment units within the Sedra compound in Riyadh.
In 2022, the Tadawul-listed firm recorded net profits after Zakat and tax worth SAR 245.70 million, an annual rise of 27.11% from SAR 193.30 million.
Revenues went up by 1.98% to SAR 1.10 billion last year from SAR 1.08 billion in 2021, whereas the earnings per share (EPS) increased to EGP 6.14 from EGP 4.52.
