Asas Makeen Real Estate Development and Investment Company and Hayat Construction Contracting Company inked a SAR 300 million deal to carry out construction work on several of the company's projects in Riyadh.

Spanning 65,000 square meters, the land will be developed within the company’s strategy to expand into residential and commercial real estate projects, according to a bourse filing.

This will be implemented in accordance with approved technical specifications and on a turnkey basis.

The 18-month agreement is expected to have an impact on financial results during the execution period, but the value of this impact depends on the volume of work and the actual cost.

In June, Asas Makeen penned a memorandum of understanding (MoU) with The Securities House to expand its business scope and enhance cooperation in real estate development across Saudi Arabia.

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