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

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.

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.