Kuwait’s Securities House has signed an agreement with Saudi developer Asas Makeen Real Estate Development and Investment and other partners to acquire residential land in Riyadh and develop it into an apartment complex, the Boursa Kuwait-listed firm said.
The project sits in the Al Arid district in the north of the Saudi capital, near King Khalid International Airport. The land covers 8,800 square meters and the complex will include 126 residential units, among them apartments and luxury residential floors.
The companies did not disclose the value of the deal.
Development work is planned to finish in early 2027, after which marketing and sales of the units will begin. Asas Makeen, which is listed on the Saudi Exchange, will carry out the development.
The agreement is the first project between the two firms. It follows a memorandum of understanding they signed in June 2025 covering future real estate investments in Saudi Arabia.
Abdullah Al Kulaib, senior vice president for private equity investments at Securities House, said the partnership would cover a range of residential and industrial projects in Riyadh and other major Saudi cities.
He said residential property in Riyadh was a main target of the company’s current and future investments, citing strong demand for apartments from people moving to the capital from other Saudi cities for work.
Abdulrahman Al Hudlaq, chief executive of Asas Makeen, said the company had developed and sold more than 100 real estate projects in Riyadh since 2010.
Securities House has a record of more than 50 real estate projects in the United States, the United Kingdom and Europe, according to Asas Makeen.
