Asas Makeen secures SAR 268M Riyadh project deal

Logo of Asas Makeen Real Estate Development and Investment Co.

Asas Makeen Real Estate Development and Investment Co. signed an agreement with Tawafuq Al Rimal Real Estate Fund to develop and execute superstructure works for a real estate project, with a total value of SAR 268.12 million (inclusive of VAT).

In a statement to Tadawul, the company said the agreement spans 18 months and involves appointing Asas Makeen as the project’s real estate developer to manage and execute superstructure works, including design, planning, and implementation.

The project will be developed on a total land area of 30,000 square meters in Al Rimal district in Riyadh, as part of an integrated residential complex comprising approximately 503 housing units.

The company noted that board member and CEO Abdulrahman bin Ibrahim Al-Hadlaq serves on the board of Tawafuq Real Estate Fund as a representative of the company, constituting an indirect interest under relevant regulations.

Asas Makeen expects the agreement to have a positive financial impact on its results starting from the second quarter of 2026, depending on the progress of the project.

The company added that signing this agreement aligns with its strategy to expand in Riyadh’s real estate market and to strengthen its third-party development services through partnerships with landowners and investors.