Sumou inks SAR 120 mln development management agreement for Jeddah towers

Headquarters of Sumou Real Estate Co.

Sumou Real Estate Co. signed on Oct. 1 a 24-month agreement with Asmou Real Estate Development Co. to manage the development of mixed-use towers in Jeddah for SAR 120 million in fees.

Asmou will receive these fees over the agreement term, Sumou said in a statement to Tadawul.

Sumou expects a positive financial impact on its results once this agreement comes into effect.

Asmou is a related party to the deal, the statement added.