Sumou, a Saudi real estate management and development company, has agreed to purchase an 80% interest in Al Mahafel Trading and Contracting Company, situated in Jeddah. Al Mahafel, founded in 1999, is a significant participant in the construction materials and fixtures industry.
According to a bourse filing, Al Mahafel will develop land spanning 1.32 million square metres in the Makkah region to establish a multi-purpose market through a 25-year leasing contract.
Al Mahafel will develop land spanning 1.32 million square metres in the Makkah region
Sumou Real Estate Company will be managing the development and implementation of the project. The Saudi real estate group has also recently signed a new agreement to develop a 302,000m2 Hittin project with land located on Abqaiq Road at Dhahran.
Sumou will manage the project’s development, execution, and marketing for a one-year term beginning with the issuing of the off-plan sale licence, as per the agreement.
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