07/09/2023 14:13:24

Saudi Exchange Celebrates the transition of Sumou Real Estate Company to the Main Market, from Nomu-Parallel Market

Riyadh, 7 September 2023: Saudi Exchange celebrated the transition of Sumou Real Estate Company (Sumou Co.), a leading real estate development company in the Kingdom of Saudi Arabia, to the Main Market of the Saudi Exchange, from Nomu-Parallel Market. The ceremony was attended by Mr. Mohammed Al Rumaih, CEO of Saudi Exchange and Eng. Jarallah Al Amrah, CEO of Sumou Co.

Mohammed Al-Rumaih, CEO of Saudi Exchange, said, “Sumou Co.'s transition from Nomu - Parallel Market to the Main Market of Saudi Exchange reflects the robust growth of Saudi Arabia’s real estate sector in recent years, as part of Vision 2030. This transition is a clear indication of the crucial role that Nomu plays in supporting the development of small and medium-sized companies in Saudi Arabia, and also showcases the effectiveness of Nomu's regulatory framework in supporting the growth and development of companies in various sectors, including real estate. We hope that their successful transition to the Main Market inspires other Nomu listed companies to explore similar opportunities, as a crucial milestone for their business growth and development.”

Jarallah Al Amrah, CEO of Sumou Co., commented, “Today marks a significant milestone for Sumou Real Estate as we make the transition to the Main Market. Since our listing on Nomu - Parallel Market in 2020, we have been dedicated to bringing fresh perspectives and innovative ideas to the real estate sector, making the industry more appealing to investors. Our successful transition to the Main Market is a testament to our continued growth and financial performance. As a listed company on the Main Market, we look forward to continue exploring new avenues for growth and expansion, achieving the hopes of our valued shareholders, partners, and customers.”

Sumou Real Estate achieved a significant milestone in 2020 by becoming the first public real estate company to list on Nomu - Parallel Market. Nomu provides a unique opportunity for smaller and mid-sized companies to raise capital and expand their operations through less stringent listing requirements.