Sumou inks SAR 30 mln contract to develop Alinma Ajyad Fund’s Makkah project

Sumou Real Estate Co. headquarters

Sumou Real Estate Co. signed on Sept. 19 an agreement with Alinma Ajyad Real Estate Co. to manage the development of an Alinma Ajyad Real Estate Fund project in Makkah.

The project spans an area of 300,000 square meters (sqm), the developer said in a statement to Tadawul.

The 24-month contract is effective from the date of receiving Makkah Municipality’s permission to begin work, the statement said.  

Sumou will receive a development management fee of SAR 30 million during the contract period, it added. 

A positive impact is expected on Sumou’s results as of the contract's effective date. There are no related parties to the deal, the statement said.