Logo ofAsas Makeen Real Estate Development and Investment Co.
Asas Makeen Real Estate Development and Investment Co. signed an addendum to its contract with First Avenue for Real Estate Development Co. for the Jadah Al-Huda residential project in Riyadh, following the completion of final engineering designs and the receipt of required regulatory approvals. 
In a statement to Tadawul, the company said the addendum sets the estimated contract value at SAR 98.76 million, inclusive of VAT.
Asas Makeen noted that the delay had no material impact on its financial statements, adding that the project’s financial impact will be recognized based on the percentage of completion and progress of execution.
According to Argaam data, First Avenue had previously signed a turnkey contract with Asas Makeen in July 2025 to develop the Jadah Al-Hada residential project on a 23,200-square-meter plot in Riyadh. The agreement assigned Asas Makeen full responsibility for project execution in line with approved designs, technical specifications, and quality standards.
In July 2025, First Avenue signed a turnkey contract with Asas Makeen to develop the Jadah Al-Huda residential project in Riyadh on a 23,200-square-meter land plot immediately upon obtaining regulatory approvals, Argaam data showed.
The original contract stipulated that the final contract value will be determined at a later stage, once the designs and plans receive approval from the relevant authorities.
Logo ofAsas Makeen Real Estate Development and Investment Co.
Asas Makeen Real Estate Development and Investment Co. signed an addendum to its contract with First Avenue for Real Estate Development Co. for the Jadah Al-Huda residential project in Riyadh, following the completion of final engineering designs and the receipt of required regulatory approvals.
In a statement to Tadawul, the company said the addendum sets the estimated contract value at SAR 98.76 million, inclusive of VAT.
Asas Makeen noted that the delay had no material impact on its financial statements, adding that the project’s financial impact will be recognized based on the percentage of completion and progress of execution.
According to Argaam data, First Avenue had previously signed a turnkey contract with Asas Makeen in July 2025 to develop the Jadah Al-Hada residential project on a 23,200-square-meter plot in Riyadh. The agreement assigned Asas Makeen full responsibility for project execution in line with approved designs, technical specifications, and quality standards.
In July 2025, First Avenue signed a turnkey contract with Asas Makeen to develop the Jadah Al-Huda residential project in Riyadh on a 23,200-square-meter land plot immediately upon obtaining regulatory approvals, Argaam data showed.
The original contract stipulated that the final contract value will be determined at a later stage, once the designs and plans receive approval from the relevant authorities.
