Sumou Real Estate Acquires 80% Stake in Al Mahafel Trading & Contracting

Sumou Real Estate Company announced on Thursday the acquisition of 80% stake in Al-Mahafel Trading and Contracting Company Ltd.

Al Mahafel Co. will invest and develop the land located on Makkah region – Asfan municipality -Al hijrah road, with an area of (1,321,749.48) which the company lease it on a long-term lease contract (25 years).

The company will establish a multi-purpose market, and Sumou Real Estate Company will manage the development and implementation of the project.

The impact of this acquisition on the company’s result is expected to be positive effective from the start of the project’s operation.