Sumou Real Estate signs agreement with Al Mahafel Trading for Makkah infra project

13/12/2021 Argaam

Logo of Sumou Real Estate

Sumou Real Estate Co. announced the signing of development and marketing agreement for the public utility project in Makkah, spanning across 1.32 million square meters, with Al Mahafel Trading and Contracting Co. Ltd. (a related party).

 

The company said in a bourse statement that a return fee of 10% of the total development costs is to be paid during the term of the agreement of 24 months, starting from the date of signing.

 

The company expects that this agreement will have a positive financial impact on its results and revenues, starting from 2022.

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