Sumou inks SAR 21.4M development management contract with Inma Gate

09/05/2024 Argaam
Sumou Real Estate Co.headquarters

Sumou Real Estate Co. headquarters

Sumou Real Estate Co. signed, on May 8, a development management agreement with Inma Gate Al Gharbia Investment and Real Estate Development Co. for the 2.15 million square meters (sqm) Alinma Al-Taif Real Estate Fund project, according to a statement to Tadawul.

 

Under the deal, Sumou will receive development management fees of SAR 21.47 million during the contract period. The contract will extend for 24 months starting from the date of receiving work permits from Al-Taif Municipality.

 

The project is expected to have a positive impact on the company’s results as of the contract start date.

 

The deal has no related parties, the statement added.

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