Sumou signs supplementary agreement for Anara project

Under this supplementary agreement, the scope of Sumou’s work has been expanded to include the development, execution, and marketing of the project, in addition to the previous scope of work

Sumou Real Estate Co. signed on Feb. 10 a supplementary agreement to the development management contract for the Anara project, previously signed with Maali AlJazira Real Estate Co., acting on behalf of AlJazira Sumou Real Estate Fund.

Under the supplementary agreement, Sumou’s scope of work has been expanded to include project development, execution, and marketing, in addition to its previous role, which was limited to development management, the company said in a statement to Tadawul.

Accordingly, the contract value has been amended to SAR 766 million, reflecting the expanded scope of work, and including development, execution, and development management costs.

The project is located in Riyadh’s Al-Sahab district and spans a total area of about 748,022 square meters. It includes the development of approximately 758 residential units.

The completion period is 48 months from the project start date. The company said the project is expected to have a positive impact on its financial results once sales and execution begin.

Sumou previously obtained an off-plan sales (Wafi) license for the project, which remains valid and effective.

The company said the supplementary agreement aims to broaden its role in the project and improve the efficiency of development, execution, and marketing activities, supporting the achievement of targeted investment returns.

In September 2025, Sumou signed a development management agreement for the Anara project to build 753 residential units on a 748,022-sqm plot in Riyadh’s Al-Sahab district. Under the agreement, Sumou was set to receive development management fees of SAR 76.6 million, equivalent to 10% of estimated project costs, excluding VAT, according to data compiled by Argaam.

In November 2025, the company obtained an off-plan sales license, No. 758, for the Anara project.