National Housing Company (NHC) has entered into a real estate development agreement with Asas Makin for Real Estate Development and Investment, under which Makin will develop parts of the Musharqiya project located east of Riyadh. The value of the contract is SAR 240 million, to be completed within 42 months.

The agreement aims to develop the «Mashreqiya Vanguard" project on a total area estimated at 71.2 million square meters, for the construction of 470 modern residential units that will be offered for sale and implementation once the off-plan sales license is issued. The project also includes the establishment of integrated commercial and service facilities that enhance the quality of life in the area. <Makin, whose shares start trading today on the Nomu market, explained that the award of the project was announced on March 4, 2025. The company expects the financial impact of the project to be positively reflected in its results starting from the fourth quarter of this year, once the sales license is obtained and the implementation work begins.

Makin expects that the financial impact of the project will be positively reflected in its results starting from the fourth quarter of this year.