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Sumou Real Estate Company announces signing a contract to develop, design and construct of a mixed-use residential and commercial tower for Areeb Sumou Makkah Real Estate Fund on the land located in Jabal Omar district, Makkah, owned by Areeb Advanced Real Estate Company

4323
SUMOU
0.07 %
1447/08/13     01/02/2026 08:00:22

Element ListExplanation
Introduction Sumou Real Estate Company announces signing a contract to develop, design, and construct of a residential and commercial tower for Areeb Sumou Makkah Real Estate Fund on 29 January 2026G (corresponding to 10 Sha’ban 1447H) to be built on the land plot located in Jabal Omar district in Makkah, with an area of (3,066) m².
Date of Announcement of the Award 2026-01-29 Corresponding to 1447-08-10
Contract Subject Matter Sumou Real Estate Company will develop, design and construct a mixed-use residential and commercial tower for Areeb Sumou Makkah Real Estate Fund. to be constructed on the land plot located in Jabal Omar district in Makkah, with an area of (3,066) m². The estimated project cost amounts to (423,355,000) Saudi Riyals, and the Company will also receive development management fees of 10% of the construction cost.
The Entity with Which the Contract was Signed Areeb Advanced real estate company which represents Areeb Sumou Makkah Real Estate fund
Date of Signing the Contract 2026-01-29 Corresponding to 1447-08-10
Contract Value The estimated development, design and construction amounts to (423,355,000) Saudi Riyals, excluding VAT, and the Company will also receive development management fees of 10% of the construction cost, excluding VAT.
Contract Details Sumou Real Estate Company will develop, design and construct a mixed-use residential and commercial tower for Areeb Sumou Makkah Real Estate Fund, which will be constructed on the land located in Jabal Omar district, Makkah, with an area of (3,066) m². The estimated project cost amounts to (423,355,000) Saudi Riyals, excluding VAT, and the Company will also receive development management fees of 10% of the construction cost, excluding VAT.
Contract Duration The project duration is 39 months, commencing from the date the Company is notified to start the development works.
Financial Impact and the Relevant Period The project is expected to have a positive impact on the Company’s results starting the commencement of work on the project.
Related Parties N/A
Additional Information N/A

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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