Sumou signs SAR 135M infrastructure development deal in Jeddah

Logo of Sumou Real Estate Co. pictured, as it signs SAR 135 million infrastructure development agreement in Jeddah

Sumou Real Estate Co. signed on Oct. 19 a management, development, and implementation agreement for infrastructure works at a project in Jeddah’s Obhur Al Shamaliyah district, covering a total area of 960,000 square meters.

The agreement was signed with Diyar Real Estate Development Fund Co., represented by SEDCO Capital, the fund’s managing entity, with an estimated value of SAR 135 million, excluding VAT.

The contract duration is 24 months, starting from the date of obtaining all required permits for the project’s execution and sale.

Sumou said it expects the project to have a positive impact on its financial results, adding that no related parties are involved in the agreement.