Asas Makeen

What Asas Makeen does

Asas Makeen Real Estate Development and Investment Company is a Riyadh-based, publicly listed Saudi real estate developer operating primarily across residential and commercial segments in the Kingdom's capital. Founded in 2010, the company has scaled production from 7 units in its founding year to 2,285 units under construction as of 2025, across a portfolio of 55+ projects branded under the "Makeen" name, covering apartments, villas, townhouses, floors, mixed-use developments (Makeen Square), commercial offices (Makeen Business), hotel towers (Makeen 100), serviced apartments, and specialized formats such as labor housing and agricultural resorts. The company transitioned from a partnership to an LLC (2018), to a closed joint-stock company with SAR 100M capital (2022), and to a public listing on Saudi Arabia's Nomu parallel market under ticker 9640 in 2025 after the Capital Market Authority approved a 10% share offering.

The business monetizes through one-time sales of off-plan ("sale on map") and completed residential and commercial units, supplemented by a recurring rental stream across apartments, studios, and floors in neighborhoods such as Al-Narjis, Al-Rimal, Al-Aarid, Al-Yasmin, Al-Qirawan, and Al-Hada. Unit pricing for ownership spans roughly SAR 60,000–135,000; annual rents range from SAR 13,000 for furnished studios to SAR 110,000 for larger units. Distribution is predominantly direct-to-consumer via the company's official website, a sales center, and major exhibitions such as Cityscape Global, alongside institutional fund-partnered development deals — most notably a SAR 268.12 million agreement with Tawafuq Al Rimal Real Estate Fund to deliver 503 housing units.

The operating model is debt-supported: the company renewed SAR 350 million in Shariah-compliant credit facilities with Al Rajhi Bank in June 2026, and FY2025 reported SAR 129.9 million in statutory profit against SAR 238 million of negative free cash flow, indicating an active build-out phase where cash conversion is being traded for pipeline expansion. The portfolio is reinforced by a comprehensive certification stack — REGA, Etmam, Wafi, Eskan, Mostadam, ISO 9001 (three-year renewed), ISO 45001, and Great Place To Work — positioning the company for government-linked housing demand and Vision 2030-aligned institutional capital. Governance is family-anchored through the Al-Hadlq family in the Chairman, Vice Chairman, and Executive Chairman roles, supported by independent directors with real estate and credit expertise.

Name

Asas Makeen

Legal name

Asas Makeen Real Estate Development and Investment Company

Website

https://asasmakeen.com

Company type

Public

Founded year

2010

Operating status

Operating

Headcount range

101–250 employees

Short description

Asas Makeen is a Riyadh-based, publicly listed Saudi real estate developer building residential apartments, villas, townhouses, commercial offices, and hotel towers across 55+ projects primarily for individual home buyers and institutional partners in Saudi Arabia.

Ownership category

akta.pro rank

Product category

Residential and Commercial Real Estate Development

NAICS

Land Subdivision (23721), Rental and Leasing Services (532), Real Estate Property Managers (53131)

SIC

Land Subdividers & Developers (No Cemeteries) (6552), Real Estate Agents & Managers (For Others) (6531), Real Estate (6500)

akta.pro primary industry

Residential Land Development & Subdivision Homebuilding (Build-to-Sell Communities) (IMAFABAL)

akta.pro secondary industry

Office & Corporate Building Construction (IMAFACAA)

Keywords

• Residential real estate development
• Commercial property development
• Mixed-use developments
• Off-plan housing
• Property rental services

Headquarters

HQ city

Riyadh

HQ country

Saudi Arabia

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Supply Chain, Infrastructure, Operations, Personnel, Marketing or Sales, Technology or R&D

Revenue model

1. Property Sales: Revenue from selling residential units (apartments, villas, townhouses, floors) and commercial properties (offices, shops) to end buyers. Properties include both ready and off-plan (sale on map) units.
2. Property Rentals: Revenue from rental of residential units including apartments and floors across various Riyadh neighborhoods.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Asas Makeen develops, sells, and rents residential and commercial real estate properties in Riyadh, Saudi Arabia, under the 'Makeen' brand. Its portfolio includes apartments, villas, townhouses, residential floors, commercial offices, mixed-use developments, strip malls, hotel towers, serviced apartments, and rental studios offered for ownership and for annual rental.

Product overview

Asas Makeen is a Saudi real estate development and investment company offering a comprehensive portfolio of residential and commercial properties across Saudi Arabia, with primary operations in Riyadh. The product portfolio centers around the 'Makeen' branded property line featuring residential apartments (Makeen 63, 64, 66, 67, 68, 72, 80, 85, etc.), floors and duplex units (Makeen 90, Sana Makeen), villas and townhouses (Makeen 42, 46, 47, 86, 94), and commercial offerings including office spaces (Makeen Business), mixed-use developments (Makeen Square), and hotel towers (Makeen 100). The company also develops specialized properties including strip malls, serviced apartments, agricultural resorts, labor housing, rental studios, office villas, and recreational resorts. Properties are sold both off-plan ('بيع على الخارطة') and as completed units, with options for both ownership and rental across various Riyadh neighborhoods.

Differentiator

Problem solved

Functional benefit

Brands

• Makeen: Primary brand name for real estate development projects including residential apartments, villas, townhouses, and commercial properties.

Products and services

• Makeen Residential Apartments A consolidated portfolio of branded residential apartment projects across Riyadh's Al-Aared, Al-Rimal, Al-Ra'id, Al-Rayyan, Al-Yasmeen, Al-Naseem, Al-Rawabi, and Al-Malqa neighborhoods, offering luxury apartments for ownership and annual rental. Each project varies in unit size, configuration, and amenity set.
• Makeen Residential Villas Standalone luxury villa projects across Riyadh neighborhoods, featuring private entrances, modern facades, smart-home systems, outdoor swimming pools, and padel courts, sold for ownership.
• Makeen Townhouses Townhouse residential units within larger villa/townhouse projects, providing multi-floor family housing options in select Riyadh neighborhoods, sold for ownership.
• Makeen Floors and Sana Makeen (أدوار) Residential floor and duplex units within mixed low-rise developments in Al-Manar and Al-Qirawan districts, offered for ownership with full-floor or duplex configurations.
• Makeen Business (مكين أعمال) Commercial Offices Commercial office spaces in Al-Narjis District, Riyadh, targeted at businesses seeking owned office premises within Asas Makeen-developed buildings.
• Makeen Square Mixed-Use Development Mixed-use commercial development in East Riyadh combining Drive-Thru units, retail shops, and office spaces within a single integrated project, sold to commercial investors and tenants.
• Makeen 100 Hotel Tower Hotel tower development in Al-Narjis District, Riyadh, offering luxury hotel accommodations and branded hospitality services.
• Tal'ia Al-Mashriqya (طلیعة المشرقية) Integrated Residential Community Large-scale integrated residential community in Al-Mashreqiyah District, Riyadh, offering apartment units within a master-planned community with sustainability credentials, sold off-plan and as completed units.
• Makeen 73 Large-Scale Residential Project Large-scale 460-unit residential project in Al-Rimal District, Riyadh, with elevators, balconies, smart entry systems, and dedicated children's areas, sold as apartment ownership units.
• Strip Malls Commercial strip mall retail properties developed by Asas Makeen, offered for ownership or commercial leasing to retail tenants and investors across Riyadh neighborhoods.
• Serviced Apartments Fully furnished apartment units with hotel-like services, including housekeeping and front-desk amenities, targeted at short- and medium-term guests seeking serviced accommodation in Riyadh.
• Rental Studios Studio apartments available for annual rental under select Makeen projects, offering compact furnished or unfurnished accommodation for individuals and small households.
• Office Villas Standalone villa-style office spaces designed for commercial use, targeted at businesses seeking branded, low-density office premises within Asas Makeen developments.
• Recreational Resorts Resort-style developments focused on recreational facilities and leisure amenities, sold as ownership or investment units targeting leisure buyers and hospitality operators.
• Agricultural Resorts Resort-style properties set in agricultural surroundings, combining farmland with leisure amenities, developed and sold by Asas Makeen as farm-and-leisure hybrid units.
• Labor Housing Residential housing units designed for labor workforce accommodation, typically leased to employers and contracting companies for organized workforce housing in Riyadh.

Quantifiable outcome

• 2285 units under construction in 2025, up from 1404 units in 2024
• +1 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core and major.

• NHC (National Housing Company)coreStrategic or Co-development PartnerAsas Makeen signed a cooperation agreement with NHC to develop integrated residential and investment projects aimed at raising the level of services and providing a better residential experience for both parties' clients. The agreement also includes issuance of a financial guarantee in favor of NHC as part of the company's financing strategy.
• Tawafuq Al Rimal Real Estate FundmajorStrategic or Co-development PartnerAsas Makeen signed an SAR 268.12 million agreement with Tawafuq Al Rimal Real Estate Fund to develop a residential project in Riyadh. The 18-month project involves constructing approximately 503 housing units on a 30,000 square meter land area.

Scale indicators7 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Dar Al Arkan Real Estate Development: Saudi Arabia's largest publicly listed real estate developer, building residential, commercial, and mixed-use projects. Comparable scale and Vision 2030-aligned development strategy, though larger and more diversified geographically.
• ROSHN: PIF-backed Saudi residential developer building integrated master-planned communities. Closest direct competitor in Riyadh residential development with significant government backing and larger scale.
• Retal Urban Development: Saudi-listed real estate developer focused on residential apartments and mixed-use communities, predominantly in Riyadh. Comparable mid-market developer with similar product portfolio and pricing tier.
• Emaar The Economic City: Tadawul-listed Saudi developer building integrated cities and residential communities. Overlaps with Asas Makeen in master-planned residential development, though focused on KAEC rather than Riyadh.
• Ajdan Real Estate Development: Saudi-listed developer of premium residential and mixed-use properties, primarily in Eastern Province. Comparable mid-tier developer profile with similar product mix targeting Saudi end-buyers.

Broad incumbents

• Jabal Omar Development: Large Saudi-listed developer of mixed-use and residential projects. Operates in real estate development broadly but is geographically concentrated in Makkah, making it an incumbent peer rather than direct Riyadh competitor.
• Al Akaria (Saudi Real Estate Company): Listed Saudi real estate company with diversified residential, commercial, and land development activities. Broader incumbent peer with established history and larger portfolio.
• SEDCO Development: Saudi real estate developer with residential and mixed-use projects in Riyadh and other cities. Comparable product categories with broader regional presence and institutional ownership.
• Emaar Properties: UAE-based global real estate developer with significant Saudi operations. Operates as a broader incumbent across MENA residential and mixed-use development with substantially larger scale and brand recognition.

Regional players

• Knowledge Economic City: Saudi developer focused on knowledge-economy city and residential projects in Madinah. Regional peer with comparable project structure but different geographic focus from Riyadh-based Asas Makeen.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/asas_maken
• Facebookfacebook.com/Asas-Makeen-100083728970365
• LinkedInlinkedin.com/company/asasmakeen

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds3 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Asas Makeen