Riyadh – Mubasher: Sumou Real Estate Company announced a SAR 377 million development project with the National Housing Company on an area of 88,569 square metres, according to a bourse disclosure.

Located in Makkah, residential units will be built on the lands allocated to the Tadawul-listed firm in area no 8 within Makkah Gate project. The two parties signed the 42-month contract on 20 November 2022.

Sumou Real Estate pointed out that the scheme will be financed based on off-plan sales and equity, projecting that it will reflect positively on its income statements once sales and execution of the project commence.

It is noteworthy to mention that the two entities inked a SAR 305 million deal for the Area Apt Zone 4A and 4B of Al Aali project in Dahiyat Al Wajihah last September.

Last October, Sumou Real Estate unveiled a development project with Adeer Asar Real Estate Company.