ASAS Makeen, NHC sign SAR 240M development agreement

16/06/2025 Argaam
Logo ofASAS Makeen Real Estate Development Co.

Logo of ASAS Makeen Real Estate Development Co.

ASAS Makeen Real Estate Development Co. signed an agreement with the National Housing Co. (NHC) to develop parts of the Al-Mashriqia project in eastern Riyadh.


According to the company’s statement on Tadawul, the 42-month contract is valued at SAR 240 million.

 

For more news and details on the projects

 

The agreement seeks to develop Tali’at Al-Mashriqia project on an estimated area of 71.2 million square meters, to construct 470 modern residential units.

 

The sale and execution of these units will start following the off-plan sales license. The project will also feature integrated commercial and service facilities designed to enhance quality of life.

 

ASAS Makeen, which listed shares on Nomu-Parallel Market today, June 16, stated that the project award announcement was made on March 4.

 

The company expects the project to have a positive impact on its financial results in Q4 2025.

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