Sumou Real Estate pens $150mln deal for Sedco Capital's project
Riyadh – Sumou Real Estate Company inked a SAR 562.47 million contract with Sedco Capital Sumou Al Muqarr Fund, represented by Jawharat Al Ghura Real Estate Development Company
The company will implement the infrastructure and superstructure works for Sedco Capital's project in Madinah, with a total area of 268.78 million square meters, according to a bourse filing.
The agreement, which was penned on 3 June, holds a duration period of 24 months starting from the date of issuance of the project permit by the Real Estate General Authority.
Sumou Real Estate highlighted that the development scheme will have a positive impact on its results starting from the commencement date of the project's execution.
Last May, the Tadawul-listed firm sealed a SAR 680 million development agreement with National Housing Company (NHC) for areem Makkah project.
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