Saudi Arabia: Asas Makeen for Real Estate Development and Investment Company has announced that it has secured a SAR63 million ($17 million) contract from Awa'id Al Hada Company for the development of a residential project in Riyadh.

As the project's real estate developer, Asas Makeen is responsible for managing and executing the development works, including the construction of villa units in Al Hada district of the Saudi capital over a 10,468 sq m area, said the company in its filing to Saudi bourse tadawul.

This project comes as part of the company's strategy to expand its third-party real estate development services and strengthen its partnerships with landowners and investors, contributing to the delivery of quality residential projects that meet the needs of the real estate market in Riyadh.

The aim is to develop these residential units within a period of 18 months and offer them for sale, it stated.

The deal is expected to have a positive financial impact on the Saudi company's results, commencing from the fiscal year 2026, following the actual commencement of development works and in accordance with the progress of the project throughout the contract period.