| Introduction | Sumou Real Estate Company announces the signing of a development management agreement for “Anara Project” to construct 753 residential units on the land located in the Al-Sahab district in the city of Riyadh, with a total area of 748,022.12 SQM with Maali AlJazira Real Estate Co. representing AlJazira Sumou Real Estate Fund. |
| Date of Announcement of the Award | 2025-09-21 Corresponding to 1447-03-29 |
| Contract Subject Matter | Signing of a development agreement for the Anara Project with Maali AlJazira Real Estate Co. representing AlJazira Sumou Real Estate Fund to build 753 residential units on the land located in Al-Sahab district in Riyadh City, with a total area of 748,022.12 m². |
| The Entity with Which the Contract was Signed | Maali AlJazira Real Estate Co. representing AlJazira Sumou Real Estate Fund |
| Date of Signing the Contract | 2025-09-21 Corresponding to 1447-03-29 |
| Contract Value | Sumou Real Estate is entitled to development management fees with an estimated value of SAR 76,600,000, representing 10% of the estimated project costs, exclusive of VAT. |
| Contract Details | Signing of a development management agreement for the Anara Project to build 753 residential units on land located in the Al-Sahab district of Riyadh, with a total area of 748,022.12 m². Sumou Real Estate is entitled to development management fees with an estimated value of SAR 76,600,000, representing 10% of the total project costs, exclusive of VAT. The agreement was signed on 21-09-2025, corresponding to 29-03-1447H. |
| Contract Duration | 36 months starting from the issuance of the project license by the Real Estate General Authority. |
| Financial Impact and the Relevant Period | The project is expected to have a positive impact on the Company’s results after the issuance of the off-plan sales license and the commencement of sales and implementation |
| Related Parties | N/A |
| Additional Information | N/A |
