Riyadh – Mubasher: Sumou Real Estate Company penned a development agreement with National Housing Company (NHC) for areem Makkah project, with an estimated value of SAR 680 million.
The two companies will team up to build residential units on an area of 231,637 square meters within the Makkah Gate project in Makkah City, according to a bourse filing.
Meanwhile, the deal holds a tenor of 42 months from 23 May 2025.
The project is expected to have a positive impact on Sumou Real Estate’s financial results at the start of the sale and implementation.
In the first quarter (Q1) of 2025, the Tadawul-listed company’s net profits jumped by 16.99% to SAR 22.36 million from SAR 19.11 million in Q1-24.
