Asas Makeen in deal to develop 503-unit residential project in Riyadh

09/04/2026 01:59 AST

Saudi-based Asas Makeen Real Estate Development and Investment Company has announced that it has signed an agreement with Tawafuq Al Rimal Real Estate Fund for the development of an integrated residential project in Al Rimal District, Riyadh.

This agreement comes in line with the company's strategy to expand in real estate projects across Riyadh and to strengthen its third-party real estate development services through partnerships with landowners and investors, said Asas Makeen in its filing to Saudi bourse Tadawul.

Spanning over a 30,000 sq m area, the residential compound will feature a total of 503 homes, it stated.

As per the SAR268.1 million ($71.4 million) contract, Asas Makeen is responsible for managing and executing the superstructure development works, including oversight of design, planning and project implementation.

The entire work will be completed with a 19-month period, it stated.

The financial impact of this agreement is expected to be reflected positively on the company's results starting from the second quarter of the fiscal year 2026, it added.

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