Sumou Signs Development and Marketing Agreement of Souq Al-Nefa in Makkah Region

Sumou Real Estate Company announces the signing of development and marketing agreement of Souq Al-Nefa in Makkah region having total area of 1,321,749 sqm with Mahafel Trading and Contracting Company Ltd (a related party).

 In return, Sumou real estate will receive a fee of (10%) of the total development cost to be paid during the agreement period of (24) months starting from the date of signing the agreement.

The impact of this agreement on company’s result and revenues is expected to be positive effective starting from 2022.