AlBalad AlAmeen, Sumou Holding ink 2 MoUs

AlBalad AlAmeen for Development and Urban Regeneration Co., the investment arm of the Municipality of Makkah, signed a memorandum of understanding (MoU) with Sumou Holding Co. to launch a SAR 4 billion investment fund.

The fund will finance the superstructure development of the Sumou Suburb project in Makkah, Saudi Press Agency (SPA) reported.

The project focuses on comprehensive urban development, with advanced infrastructure to meet the needs of residents and visitors. It is part of a broader vision to create an integrated, vibrant environment that supports Makkah’s ambition to become a global urban hub.

AlBalad AlAmeen also signed a separate MoU with Sumou Holding to develop two residential real estate projects in Makkah.

The projects will span over 7 million square meters.