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 the infrastructure works of a project located in the Obhur Al Shamaliyah district in Jeddah, covering a total area of 960,000 square meters (sqm) .
The agreement was signed with Diyar Real Estate Development Fund, 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 execution and sale of the project.
Sumou expects the project to have a positive impact on financial results, noting that no related parties are involved in the agreement.
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 the infrastructure works of a project located in the Obhur Al Shamaliyah district in Jeddah, covering a total area of 960,000 square meters (sqm) .
The agreement was signed with Diyar Real Estate Development Fund, 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 execution and sale of the project.
Sumou expects the project to have a positive impact on financial results, noting that no related parties are involved in the agreement.
