Sumou announces project award with Municipality of Makkah

Sumou Real Estate Co. announced the award of the project to complete the development and implementation of infrastructure for the Shariah grant scheme No. 17 in collaboration with the Municipality of Makkah.

In a statement to Tadawul, the company pointed out that it will receive 7.04% of the project's sales revenue after development.

The award decision was made on Jan. 26, and Sumou received it via registered mail on Feb. 12.

In addition, the statement noted that the company is currently in discussions with the municipality to finalize the contract, expecting to sign it on April 15.

There are no related parties to the deal, the statement added.