Retal Urban Development was established in 2012 with the aim to create top-notch urban infrastructure projects and enhancing the quality of life through progressive concepts and lasting designs in Saudi Arabia. As of May 2023, the venture’s total value of completed, ongoing and upcoming housing projects accounts for SAR9.5 billion.
By developing and delivering projects that reach its clients’ wishes, tests, and different needs in a short period of time, Retal has outperformed its competitors.
“Fast achievement, mastery of accuracy, and high quality are our motto. Retal represents the core of urban domination due to our adoption of the characteristics of the best urban planning. In the last 10 years, we witnessed the recreation of urban industry. By following a united vision to create distinguished targets with urban solutions,” the company commented.
Since Retal’s formation, the venture has won a great number of precious awards, as a testimony of the hours of hard work and great outcomes it dedicated to the property sector of Saudi. The company’s ultimate goal is to become the first urban developer in the Kingdom.
Be it work environment, real estate development standards in the Kingdom, or excellence in executing residential projects, Retal is at the forefront of Saudi’s real estate revolution.
Some of the prominent projects undertaken by the company include Retal Rise, (two residential towers located with 23-story residential apartments, along with a 16-story one consisting of luxury apartments and the famous worldwide NOBU hotel near the new Al Khobar Corniche), Ayala Al Nakheel (a unique residential project, under which elegant and modern villas will be constructed at the Al Khobar City), RBC (A seven-floor building including all the departments of the Retal Group) and Marasi (an integrated and sustainable city, included with the availability of all services, the proximity of distances from the most vital places between Al Khobar and Dammam).
Led by its CEO Abdullah bin Faisal Al-Brikan, Retal’s top-notch contributions to Saudi’s property space have been recognized multiple times by Restatex Real Estate Exhibition, International Property Awards, Real Estate Asia, Riyadh Chamber and International Finance.
Retal also played a big role in the transformation journey of Saudi Arabia’s Eastern Province. The industry leader joined hands with the Al Fozan Group of Companies and began developing residential, commercial and mixed-use properties.
Now in 2023, the company is playing a pivotal part in realising ‘Saudi Vision 2030′, as the real estate sector is poised to be one of the flag-bearers of the Kingdom’s economic diversification journey.
“We have taken unprecedented steps in transforming the nation into a futuristic destination, ideal to live, work and visit. By exemplifying the key attributes of placemaking attributes, we envision revolutionising the Kingdom into a top destination of choice. Furthermore, the real estate value chain has been unified in the Retal Group via acquisition, establishments, and strategic joint ventures to deliver unique products with superior quality. This includes Nesaj, Building Contraction Co. (BCC), Tadbier, Tadbeir Real Estate Co. (TRS Co.), and more,” the company remarked.
The company has aced its expertise in investment and asset management (evaluating an asset’s intrinsic value, the cost of its acquisition and development, apart from enhancing the properties’ financial performances, all with the use of Retal’s operational expertise and market trend analysis tools), design and construction (building highly integrated residential communities with innovative designs, premium quality and full access to amenities), acquisition and development (strategically focusing on acquiring premier locations in Saudi Arabia), when it comes to executing the real estate projects.
“We ensure our developments are in coherence with the strategic vision to maximise shareholders’ wealth and contribute to the nation’s economy,” Retal noted.
Retal’s guiding principles since 2012 have been ‘Empower’, ‘Lead’, ‘Holonomic Flourishing’ and ‘Influence’. The company has forged partnerships with industrial biggies like Knight Frank, Alpha Capital, Colliers International, Assayel, JLL, Blom Bank and NOBU.
“Retal have created strong partnerships, working together with its collaborators for years on some of Saudi Arabia’s key developments. As the collaboration grows stronger, they energize each other to always create beautiful places that inspire and engage,” the venture stated.
Retal Makes The Right Noises
Recently, Retal implemented a private real estate fund called 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, a bourse disclosure stated.
Bloom Saudi Investment Company will be the manager of Rimal Park.
In December 2022, 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.
Retal added one more feather to its prestigious company profile, the very next month, after it signed a deal with Saudi Arabian Railways Company for the construction of a commercial mall in the Kingdom.
Conclusion
Apart from the Kingdom’s economic diversification, the ‘Saudi Vision 2030’ will see the country’s urbanisation accelerating by leaps and bounds, as its domestic real estate sector has been on a record-breaking spree, in terms of project executions, revenue generation and most importantly, enhancing the living standards in the Kingdom.
Retal stands at the forefront of this revolution and it is in no mood to slow down.