Riyadh - Mubasher: Sumou Real Estate Company signed an infrastructure contract with Diyar Real Estate Development Fund Company, representing a real estate fund managed by Sedco Capital, on 19 October.

The agreement aims to develop and execute infrastructure works in the North Obhor neighborhood, Jeddah, according to a bourse filing.

The project covers a total area of 960,000 square meters (m²), with an estimated value of SAR 135 million.

Announced last August, the contract will run for 24 months from the issuance of the project license required for execution and sales.

It is anticipated that the project will positively impact the Tadawul-listed company’s financial results.

In September, Sumou Real Estate penned a development management agreement with Maali AlJazira Real Estate Company, representing AlJazira Sumou Real Estate Fund.