On July 12, 2026, Asas Makeen Real Estate Development and Investment Co. announced the signing of a real estate development agreement with BLOM Real Estate Investment Fund XII, managed by BLOM Invest Saudi Arabia, dated July 9, 2026, for the development of a residential project in Al Narjis District, Riyadh. The project will be developed on a land plot of 16,620.59 square meters and will comprise approximately 290 residential units, with a fund target size of approximately SAR 303 million and a total estimated project execution cost of SAR 131,877,300 (excluding VAT). Development management fees payable to Asas Makeen amount to SAR 11,223,600 (excluding VAT), and the Company will additionally subscribe to 14,958 investment units in the Fund at a total value of SAR 14,958,000. The 18-month contract aims to expand the Company's real estate project management activities, diversify revenue streams, and support long-term business growth.

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