Riyadh - Mubasher: Asas Makeen Real Estate Development and Investment Company has signed a real estate development agreement with Bloom Real Estate Fund XII, managed by Bloom Investment Saudi Arabia, for a project valued at SAR 131.88 million.
The contract, signed on 9 July 2026, involves the development and execution of a residential project in the Al Narjis district of Riyadh, according to a bourse disclosure.
The project will be situated on a total land area of 16,620 square meters and is designed to include approximately 290 residential units. The target size for the fund is SAR 303.00 million.
Under the terms of the 18-month agreement, Asas Makin will serve as the development manager, earning development management fees totaling SAR 11.22 million.
As part of the partnership, Asas Makin will also participate in the fund by subscribing to 14,958 investment units for a total value of SAR 14.96 million.
Asas Makeen expects the financial impact of the agreement to be positive, with revenue recognized based on project progress and the fulfillment of contractual conditions over the 18-month execution period. The company stated there are no related parties involved in the transaction.
In June, Asas Makeen renewed its Sharia-compliant credit facilities agreement with Al Rajhi Bank at a total value of SAR 350 million.
