Sumou signs development contract with Holy Makkah Municipality for 7% of area

Sumou will develop infrastructure works for the Sharia Grant Scheme No. 17 in east Makkah.

Sumou Real Estate Co. signed on Jan. 21 a contract with the Holy Makkah Municipality to complete the development and execution of infrastructure works for the Sharia Grant Scheme No. 17, according to a statement to Tadawul.

Under the contract, Sumou will complete the development and implementation of the project’s infrastructure in east Makkah, over an area of 674,160 square meters, in return for obtaining 7% of the total net area of the developed land plots. This corresponds to 62 residential plots with a combined area of 32,520 square meters.

The contract term is 36 months from the date the land is handed over to the company.

The relevant financial impact will likely appear on the company’s financial results starting from the date it takes ownership of the land plots.

Sumou announced in February 2025 that it was awarded a project with the Holy Makkah Municipality, adding that it would receive 7.04% of the project’s sales after development, data compiled by Argaam showed.