Riyadh – Mubasher: Sumou Real Estate Company has acquired an 80% stake in Al-Mahafel Trading and Contracting Company.
Al-Mahafel will develop a land, spanning across 1.32 million square meters in the Makkah region, to establish a multi-purpose market through a 25-year lease contract, according to a bourse filing on Thursday.
Sumou Real Estate Company will manage the development and implementation of the project.
The acquisition will have a positive impact on the company's financial results effective from the start of the project's operation.
