ASAS Makeen, NHC sign SAR 240M development agreement

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.

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.