Retal takes over SAR 1.9 bn Riyadh mixed-use

Retal will take on Riyadh mixed-use project: Retal Urban Development signed a development management agreement with Sakan Al Malqa Real Estate Company, a SAB Invest-managed fund, to develop the SAR 1.9 bn Retal Heights mixed-use project in Riyadh’s Al Malqa district, according to a Tadawul disclosure. Retal holds a 24.5% stake in the fund.

What Retal will do: Retal will oversee the project's design, development, construction, marketing, sales, and regulatory approvals. The development will be built on a 19.4k sqm site along King Fahad Road and will include residential, commercial, and hospitality components. Construction and development are expected to take 48 months.

The financing: SAB will finance up to 50% of the total investment value, while the vehicle will target institutional and qualified investors, according to a statement seen by EnterpriseAM.

The project comes as Riyadh’s housing market grapples with affordability challenges. Residential sales in the capital fell 83% y-o-y in 1Q 2026 as rising property prices outpaced income growth. Despite the slowdown in transactions, the long-term demand outlook remains supportive, with Knight Frank estimating Saudi Arabia will need around 830k additional housing units by 2034 to accommodate population growth.