Sumou inks MoU to operate hotel in Ajwan project

Sumou Real Estate Co. headquarters

Sumou Real Estate Co. signed a non-binding memorandum of understanding (MoU) with First Gulf Real Estate Co. and Meliá Hotels International Co. to operate the planned hotel in the Ajwan project, which is currently under development and owned by First Gulf.

In a statement to Tadawul, Sumou said the financial impact of the MoU would appear upon the signing of a binding agreement.

Sumou signed the MoU while participating in the Real Estate Future Forum, which ran from Jan. 22–24, according to the statement.

The MoU was signed on Jan. 22 and set to expire on March 28, with no related parties involved, the statement added.

In September 2023, Sumou signed an agreement with Adeer Real Estate Service Co. to provide marketing and sales services for the Ajwan project in Al Khobar, spanning an area of one million square meters, according to data available with Argaam.