Asas Makeen Bags Residential Development Contract in Saudi Arabia

02:50 AM EDT, 07/12/2026 (MT Newswires) -- Asas Makeen Real Estate Development and Investment Co. (SASE:9640) received a contract to become the development manager of a residential project in Riyadh's Al Narjis District by BLOM Real Estate Investment Fund XII. Under the 18-month contract, the real estate developer will construct 290 residential units on a total area of 16,621 square meters for a development management fee of 11.2 million Saudi riyals, according to a Sunday release. Asas will also invest 15 million riyals in the fund, managed by BLOM Invest Saudi Arabia.