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Asas Makeen Real Estate Development and Investment Co. Announces Contract Sign Off with National Housing Company (NHC)

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Introduction Asas Makeen Real Estate Development and Investment Company is pleased to announce the signing of a real estate development agreement with the National Housing Company (NHC) to develop portions of the Al-Mashraqiyah Project, located in the eastern part of Riyadh.
Date of Announcement of the Award 2025-03-04 Corresponding to 1446-09-04
Contract Subject Matter A real estate development agreement for the execution of superstructure works for the construction of residential units.
The Entity with Which the Contract was Signed National Housing Company (NHC)
Date of Signing the Contract 2025-05-11 Corresponding to 1446-11-13
Contract Value SAR 240,000,000 (Saudi Riyals Two Hundred Forty Million)
Contract Details The agreement aims to develop the “Tali’at Al-Mashraqiyah” project over a total area of approximately 71,178.04 square meters, with the construction of 470 modern residential units. The sale and execution of these units will commence upon the issuance of the off-plan sales license. The project will also feature integrated commercial and service facilities designed to enhance quality of life.
Contract Duration 42 months
Financial Impact and the Relevant Period The project is expected to have a positive impact on the company’s financial results following the issuance of the off-plan sales license and the commencement of sales and construction. The financial impact is anticipated to appear in the fourth quarter of the year.
Related Parties None

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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