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Asas Makeen Real Estate Development and Investment Co has entered into a development agreement with Awa'id Al-Hada Co to build a residential villas project in the Al-Hada district of Riyadh. The contract is valued at SAR 63.1 million. Under the agreement, Asas Makeen will act as the project's real estate developer and will oversee the planning, management, and execution of development works. The partnership reflects continued residential development activity in Riyadh as the Saudi capital expands housing supply amid population growth and urban expansion driven by the country's broader economic diversification plans.
Asas Makeen Real Estate Development and Investment Co has signed a development agreement with Awa'id Al-Hada Co for a residential villas project located in the Al-Hada district of Riyadh. The contract value for the project is SAR 63.1 million. Advertisement
Under the agreement, Asas Makeen has been appointed as the real estate developer for the project. The company will be responsible for managing the development and overseeing the execution of construction and related works for the residential villas scheme.
The project will be developed in the Al-Hada area, which is considered one of the established districts in Riyadh and has seen steady residential demand in recent years. The development is expected to add new villa housing to the local market as the city continues to expand.
As the appointed developer, Asas Makeen will handle the planning and implementation of the project's development activities. This includes supervising the development process and ensuring the project progresses according to the agreed framework between both companies.
Riyadh has been witnessing increased residential construction in recent years, supported by government initiatives aimed at expanding housing supply and improving urban infrastructure. Several private developers have been entering partnerships to deliver villa communities and residential projects in different districts of the capital.
The agreement between Asas Makeen and Awa'id Al-Hada Co forms part of this broader development trend in Riyadh's real estate sector, where developers are focusing on residential projects to meet growing housing demand in the city.
Source Reuters
5th Jun, 2025
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