Asas Makeen Awards SAR 315 Million Contract for Riyadh Projects

Asas Makeen Real Estate Development and Investment Co. has awarded a SAR 315 million construction contract to Ittihad Althabat Company for Contracting for the execution and completion of residential and commercial projects in Riyadh, Saudi Arabia. The contract, signed on September 17, 2026, covers a portfolio of projects owned and developed by Asas Makeen with a total development area of approximately 65,000 square meters. The estimated contract value of SAR 315 million includes the contractor’s fees and expenses and excludes value-added tax (VAT). The final cost will be determined based on the approved cost of each individual project in accordance with the terms of the contract. Under the contract, Ittihad Althabat Company for Contracting will undertake the contracting, construction and finishing works for the residential and commercial projects on a turnkey basis. The works will be carried out in accordance with the approved technical specifications, scope of work and budget for each project. The detailed budget, scope, specifications and execution schedule will be determined and approved separately for each project prior to commencement. The execution period for each project is 18 months, unless an alternative period is approved in writing for a specific project. The execution period will commence from the date on which the relevant plans are approved by the Ministry of Municipalities and Housing. The contract represents another development project award in Riyadh’s residential and commercial real estate sector, with Asas Makeen set to develop a portfolio of projects covering approximately 65,000 sq m.