Sumou to manage infrastructure development for Riyadh land portfolio

Sumou Real Estate Co. said it signed an agreement to manage infrastructure development for land plots in Riyadh’s Al Qadisiyah, Al Rimal, and Al Janadriyah districts, covering a total area of 1.83 million square meters, according to a statement to Tadawul.

The agreement was signed with Al-Mashariq Al-Arabiya Investment, a real estate fund managed by ANB Capital.

The 36-month contract starts from the signing date, with Sumou set to receive 10% of the project’s development costs.

The company expects a positive financial impact from the start of execution.