Sumou Real Estate inks SAR 30 mln project management agreement

Sumou Real Estate Co. signed on, Sept. 19, a 24-month agreement to manage the development of Makkah’s Alinma Ajyad Real Estate Fund, which spans over an area of 300,000 square meters (sqm), with the Alinma Ajyad Real Estate Co.

In a statement to Tadawul, Sumou Real Estate pointed out that the contract is effective as of the date of work kick-off permission from Makkah Municipality, indicating that the development management contract value amounts to SAR 30 million.

A positive impact is expected to reflect to the company’s results as of the beginning of the contract term, the statement added, noting that there are no related parties to the deal.

Source : Arqaam