Riyadh - Mubasher: Retal Urban Development Company has received a project award letter worth SAR 3.20 billion from King Salman Park Company (KSPC), as part of a consortium led by Retal.
The project targets the development of a predominantly residential, mixed-use district in Package Four of the Cultural Neighborhood within King Salman Park, Riyadh, according to a press release.
It comprises over 600 residential units, more than 140 hotel units, and approximately 50,000 square meters (m²) of office space. This is in addition to retail outlets, restaurants, cafés, and various experiential offerings.
Located near the Royal Arts Complex, the development emphasizes efficient mobility, enhanced public health, and a thoughtfully designed urban framework to foster a vibrant community. Meanwhile, the contract is expected to be signed on 8 May 2026.
The project is backed by an investment fund managed by SAB Invest and regulated by the Capital Market Authority (CMA). On the other hand, KSPC provides the land, while the consortium partners supply capital and development expertise.
In November 2025, Retal received a letter of award from the National Housing Company (NHC) for a SAR 5.20 billion project in Al Fursan Suburb.
