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Sumou Real Estate Co. Announces an update on Sumou Real Estate Company announcement on signing a development management agreement of Anara project with Maali Al Jazira Real Estate Co. representing Al Jazira Sumou Real Estate Fund
| Element List | Explanation |
|---|---|
| Introduction | Sumou Real Estate Company announces that on 10 February 2026G, it signed a supplementary agreement to the Development Management Agreement for Anara Project, which was previously signed on 21 September 2025G with Ma’ali Al Jazirah Real Estate Company, representing Al Jazira Sumou Real Estate Fund. Under this supplementary agreement, the scope of Sumou Real Estate Company’s work has been expanded to include the development, execution, and marketing of the project, in addition to the previous scope of work, which was limited to development management. Accordingly, the agreement value has been amended to SAR 766 million, inclusive of the expanded scope of work, including development, execution, and development management costs. The company previously announced the issuance of an off-plan sales license (Wafi) for the project, and the license remains valid and effective. |
| Previous Announcement | Sumou Real Estate Company announces signing a development management agreement of Anara project with Maali Al Jazira Real Estate Co. representing Al Jazira Sumou Real Estate Fund |
| Date of Previous Announcement on Saudi Exchange’s Website | 2025-09-22 Corresponding to 1447-03-30 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | Sumou Real Estate Company announces that on 10 February 2026G, it signed a supplementary agreement to the Development Management Agreement for Anara Project, which was previously signed on 21 September 2025G with Ma’ali Al Jazirah Real Estate Company, representing Al Jazira Sumou Real Estate Fund. Under this supplementary agreement, the scope of Sumou Real Estate Company’s work has been expanded to include the development, execution, and marketing of the project, in addition to the previous scope of work, which was limited to development management. Accordingly, the agreement value has been amended to SAR 766 million, inclusive of the expanded scope of work, including development, execution, and development management costs. The company previously announced the issuance of an off-plan sales license (Wafi) for the project, and the license remains valid and effective. The project is located in Al Sahab District in Riyadh, with a total area of 748,022.12 square meters, to develop approximately 758 residential units. The project completion period is 48 months, commencing from the project start date. The project is expected to have a positive impact on the company’s financial results upon commencement of sales and execution. This agreement signed to enhance the company’s scope of work in the project and improve the efficiency of development, execution, and marketing activities, thereby contributing to achieving the targeted investment value. |
| Reasons For The Delay on The Date of The Event Previously Announced | N/A |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | N/A |
| Delay consequences on the Company’s financial results | 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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