Sumou Real Estate inks SAR 20.7 mln infrastructure deal for Phase 1 of Makkah project

Sumou Real Estate building

Sumou Real Estate Co. signed, on Dec. 23, a construction contract worth SAR 20.71 million with Saif Al-Janoub Contracting Co. to execute the first phase of the basic infrastructure works for the Souq Al-Nafe project in Makkah.

The company said in a bourse filing that the duration of the contract is 12 months from the date of handing over the project site to the contractor.

The project is spread across 1.32 million square meters (sqm) and is one of the infrastructure projects that the company is developing.

The company expects the impact of this contract on its result and revenues to be positive after the completion of the project and leasing its components.

There are no related parties to the contract.