Sumou inks MoU with FGREC, Melia Hotels to operate hotel in Ajwan project

Sumou Real Estate Co. signed a non-binding memorandum of understanding (MoU) with First Gulf Real Estate Co. (FGREC) and Meliá Hotels International Co. to operate the planned hotel in the Ajwan project, which is currently under development and owned by FGREC. 

In a statement to Tadawul, Sumou said the financial impact of the MoU would appear upon the signing of a binding agreement.

Sumou signed the agreement while participating in the Real Estate Future Forum, which ran from Jan. 22–24, according to the statement.

In September 2023, Sumou signed an agreement with Adeer Real Estate Co. to provide marketing and sales services for the Ajwan project in Al Khobar, spanning an area of one million square meters.

The company obtained the off-plan sale license for the Ajwan project in November 2023.