Sumou Real Estate Company has entered into a development management agreement for a major residential project in Al-Sahab district, Riyadh, the company disclosed in a filing to the Saudi Stock Exchange.

 

Under the agreement, Sumou will oversee the development of the “Anara Project,” which will include 753 residential units on land measuring 748,022.12 square metres.

 

The other party to the agreement is Maali AlJazira Real Estate Co., representing the AlJazira Sumou Real Estate Fund. Sumou Real Estate is to receive development management fees estimated at SAR76.6 million (roughly $20.38 million), equivalent to 10% of the total project cost (excluding VAT).

 

The contract is set to run for 36 months, beginning once the project license is issued by the Real Estate General Authority. - TradeArabia News Service