Sumou Real Estate Wins Infrastructure Development Project in Makkah

Sumou Real Estate Co. said on Monday it had been awarded a contract to complete the development and implementation of infrastructure for the Sharia Grant Scheme No. 17 in Makkah.

The project, awarded by the Holy Makkah Municipality, will see Sumou receive 7.04% of the project’s sales after development, the company said in a stock exchange filing.

The contract is expected to be signed on April 15, subject to final approvals, Sumou added. The company is currently coordinating with the municipality to complete the necessary procedures.

The award decision was issued on Jan. 7 and formally received by Sumou on Feb. 12, the company noted.