SAUDI ARABIA —Asas Makeen Real Estate Development and Investment Co. has signed a real estate development agreement valued at an estimated SAR 55.62 million with N Building Company to manage the development and oversee the execution of a residential project in Al-Arid District in northern Riyadh, Saudi Arabia. Signed on October 25, 2026, the agreement covers a land plot measuring 8,800 square metres and has a contractual duration of 10 months.
Under the agreement, Asas Makeen will act as the real estate developer, managing project development activities and supervising execution in accordance with the approved scope of work, implementation schedule and project budget. The land is owned by N Building Company, which has engaged Asas Makeen to oversee the residential development. The estimated project cost is SAR 55.62 million, including development fees and excluding value-added tax. The final cost will be determined according to actual expenditure approved under the agreement.
The agreement expands Asas Makeen’s third-party real estate development activities and adds a defined residential project to its execution pipeline. By undertaking development management and project oversight, the company will be responsible for coordinating delivery within the agreed schedule and cost framework. The financial impact is expected to be recognised over the execution period, depending on work progress and fulfilment of the contractual conditions governing entitlement to development fees.
The project also illustrates the use of specialist development-management arrangements in Saudi Arabia’s residential property market, where landowners can engage external developers to manage construction-related execution without transferring ownership of the underlying land. Such arrangements can help property owners access development expertise while establishing clearer responsibilities for project coordination, scheduling and cost control.
Asas Makeen holds a 15% ownership interest in N Building Company, a relationship disclosed alongside the agreement. No other related parties were identified. The contract’s final financial outcome will depend on approved project costs, implementation progress and the applicable development-fee provisions. For businesses and investors, the agreement provides an indication of Asas Makeen’s continued focus on development services for third-party property owners, while the 10-month delivery period establishes a defined timeframe for execution and potential revenue recognition.
