Asas Makeen signs SAR 60M contract with Thimar Al-Usul

Asas Makeen signs SAR 60M contract with Thimar Al-Usul Group to develop a land plot

Asas Makeen Real Estate Development and Investment Co. said it signed on Nov. 16 a SAR 60 million contract with Thimar Al-Usul Holding to develop a land plot under a “cost-plus-fees” method.

In a statement to Tadawul, the company said the 18-month project aims to develop a 10,500-square-meter commercial plot, designed to meet high standards of quality, urban integration, and engineering execution.

The development is to create an integrated urban environment with both commercial and residential uses, aligned with the needs of clients, investors, and the broader real estate market.

Asas Makeen said the contract is expected to positively impact financial results from the first quarter of the next fiscal year, with the effect appearing gradually as the project progresses.

The company added that this collaboration supports Riyadh’s real estate sector and enhances the quality of real estate products. It noted the move aligns with its strategic goal of expanding third-party real estate development by delivering high-quality projects that elevate residential standards, meet market demand, and improve the urban experience.