Asas Makeen signs Ittihad Althabat for Riyadh residential and commercial works
Asas Makeen signed a turnkey, cost-plus-fee construction contract with Ittihad Althabat on 17 September 2026 for Riyadh residential and commercial projects with a total estimated cost of SAR 315,000,000, excluding VAT.
Event / data period: 2026-09-17
Published: · Updated:
Asas Makeen Real Estate Development and Investment Co. announced on 17 September 2026 that it signed a construction contract with Ittihad Althabat Company for Contracting. The contractor will carry out contracting, construction and finishing works for a number of residential and commercial projects that Asas Makeen owns and develops in Riyadh, covering a total area of approximately 65,000 square metres, on a cost-plus-fee basis.
The company put the total estimated cost of the projects at SAR 315,000,000, including the contractor’s fees and expenses and excluding VAT, and said the final cost will follow the approved cost of each project. The works are on a turnkey basis. The budget, scope, specifications and schedule of each project will be approved separately before it starts. Each project has an 18-month execution period, unless a different period is approved in writing, counted from the approval of plans by the Ministry of Municipalities and Housing.
Asas Makeen said the financial impact will appear gradually in its statements as work progresses, in line with actual costs and monthly progress payment certificates for each project. It reported no related parties.
Data
Contract figures
Estimated cost, project area and execution period stated in Asas Makeen’s Saudi Exchange announcement of 17 September 2026.
- Total estimated cost of the covered projects, excluding VAT
- 315,000,000 SAR
- 2026-09-17 · Estimate
- Total area of the covered projects
- ≈65,000 square metres
- 2026-09-17 · Target
- Execution period per project
- 18 months
- 2026-09-17 · Observed
Methodology
The cost is the company’s total estimate for the projects covered, including contractor fees and expenses and excluding VAT; the final cost will follow each project’s approved cost. The area is approximate. The 18-month period applies to each project separately and counts from approval of plans by the Ministry of Municipalities and Housing.
Updated:
Subjects and places
Subject proposals
- Residential real estateSuggested
- Subject suggested from the title or summary: residential and commercialwww.saudiexchange.sa ↗
- Infrastructure projectsSuggested
- Preserved editorial category/topic; broad candidate onlywww.saudiexchange.sa ↗
Geographic references
Only source-provided geographic references are shown. Opening an external map is optional. Optional story maps use OpenStreetMap. Opening a map sends your IP address and this site’s address to the map provider; location data remains readable as text without loading the map.
- Saudi Arabia · Place role: Coverage · Place type: Country or area · Location precision: RegionalEvidence
- Explicit preserved editorial country/region; no city or national centroid inferredwww.saudiexchange.sa ↗