Asas Makeen enters into roughly SAR 56m development agreement

ASAS MAKEEN
9640 3.28% 18.58 0.59

Riyadh – Mubasher: Asas Makeen Real Estate Development and Investment Company has signed a development agreement with N Building Company on 25 October 2026 to manage and supervise a residential project in Riyadh.

The estimated total cost for the development is SAR 55.62 million that includes development fees but excludes value-added tax, according to a bourse filing.

Asas Makeen will be responsible for overseeing the implementation and management of the development on behalf of N Building. Meanwhile, the listed company currently holds a 15% stake in the capital of N Building.

The project is located in the Al Arid district in northern Riyadh on a land area covering 8,800 square meters.

Furthermore, the contract has a duration of 10 months, with the final cost to be determined based on actual approved expenditures.

Asas Makeen expects the financial impact of this agreement to be reflected in its financial results throughout the implementation period, depending on work progress and the fulfillment of fee entitlement conditions.

Source: Mubasher Source: {{details.article.source}}