Sumou Signs Infrastructure Development Agreement for Sedco Capital Sumou Al-Muqarr Project worth SAR 562.4 Mln

Sumou Real Estate Co. announced on Wednesday the signing of an agreement to develop and execute the infrastructure and superstructure of Sedco Capital Sumou Al-Muqarr project in Madinah, for SAR 562.4 million.

The company explained that the contract period is 24 months, starting from the date of issuance of the project licence by the Real Estate General Authority. It noted that the entity with which the contract was signed is Sedco Capital Sumou Al-Muqarr Fund, represented by Jawharat Al-Ghura Real Estate Development Company.

According to a statement published on Tadawul, the Sedco Capital Sumou Al-Muqarr project covers an area of 268,782.12 square metres.

The company expects the contract to have a positive impact on its results starting from the date work begins on the project.