Logo of Asas Makeen Real Estate Development and Investment Co.
Asas Makeen Real Estate Development and Investment Co. signed a contracting agreement with Itihad Al-Thabat Contracting Co. to execute and complete the contracting, construction, and finishing works required for a number of residential and commercial projects owned and developed by the company in Riyadh. 
The projects span a total area of approximately 65,000 square meters and will be executed on a cost-plus-fee basis, according to a statement to Tadawul.
The also company said the total cost of the projects covered by the agreement is estimated at SAR 315 million. The estimated cost includes the contractor’s fees and expenses but excludes VAT, while the final cost will be determined based on the approved cost of each project in accordance with the terms of the agreement.
It explained that the execution period for each project is 18 months, unless a different period is approved in writing for the respective project. The period will commence from the date the plans are approved by the Ministry of Municipalities and Housing.
The contractor will execute and complete the contracting, construction, and finishing works for the projects on a turnkey basis, in accordance with the technical specifications, scope of work, and approved budget for each project. The budget, scope of work, specifications, and schedule for each project will be separately determined and approved before work begins.
Asas Makeen expects the financial impact of the agreement to be reflected gradually in its financial statements over the project execution periods, based on progress of work, actual costs, and monthly payment certificates for each project.
Logo of Asas Makeen Real Estate Development and Investment Co.
Asas Makeen Real Estate Development and Investment Co. signed a contracting agreement with Itihad Al-Thabat Contracting Co. to execute and complete the contracting, construction, and finishing works required for a number of residential and commercial projects owned and developed by the company in Riyadh.
The projects span a total area of approximately 65,000 square meters and will be executed on a cost-plus-fee basis, according to a statement to Tadawul.
The also company said the total cost of the projects covered by the agreement is estimated at SAR 315 million. The estimated cost includes the contractor’s fees and expenses but excludes VAT, while the final cost will be determined based on the approved cost of each project in accordance with the terms of the agreement.
It explained that the execution period for each project is 18 months, unless a different period is approved in writing for the respective project. The period will commence from the date the plans are approved by the Ministry of Municipalities and Housing.
The contractor will execute and complete the contracting, construction, and finishing works for the projects on a turnkey basis, in accordance with the technical specifications, scope of work, and approved budget for each project. The budget, scope of work, specifications, and schedule for each project will be separately determined and approved before work begins.
Asas Makeen expects the financial impact of the agreement to be reflected gradually in its financial statements over the project execution periods, based on progress of work, actual costs, and monthly payment certificates for each project.
