Sumou Real Estate pens $150mln deal for Sedco Capital's project
Riyadh – Sumou Real Estate Company inked a SAR 562.47 million contract with Sedco Capital Sumou Al Muqarr Fund, represented by Jawharat Al Ghura Real Estate Development Company
The company will implement the infrastructure and superstructure works for Sedco Capital's project in Madinah, with a total area of 268.78 million square meters, according to a bourse filing.
The agreement, which was penned on 3 June, holds a duration period of 24 months starting from the date of issuance of the project permit by the Real Estate General Authority.
Sumou Real Estate highlighted that the development scheme will have a positive impact on its results starting from the commencement date of the project's execution.
Last May, the Tadawul-listed firm sealed a SAR 680 million development agreement with National Housing Company (NHC) for areem Makkah project.
Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Business
6 hours ago
- Gulf Business
Insights: Gulf ports face new security challenges as trade ambitions accelerate
Image: Supplied Ports have evolved beyond their role as trade gateways. Today, they stand as critical pillars of national resilience and economic continuity. In the modern-world, where over 80 per cent of global trade moves by sea and the Gulf plays a central role in global energy and logistics, port security should not be viewed as a cost or a compliance exercise. It must be treated as a vital economic enabler. Without strong and modern security, the Gulf's ambitions to lead in manufacturing, trade, and supply chain integration will remain a challenge. At the recent 'Make it in the Emirates' forum, the UAE laid out a bold industrial vision. Officials highlighted that local manufacturers can now access a global market of 2.5 billion people. Free zones, re-export hubs, and logistics corridors powered by ports including The threat landscape is escalating Port security has moved far beyond fences and surveillance cameras. Today, it involves tackling everything from phishing attempts and cyber intrusions to insider threats and the growing risk posed by smuggling, irregular migration, modern-day slavery and autonomous drones. According to the Center for Internet Security, malware-based attacks rose by 30 per cent in the first half of 2024, with a staggering 92 per cent increase recorded in May alone. These figures are not abstract. They represent very real risks that port operators face daily while trying to maintain efficient operations. Rising geopolitical tensions, from unrest in the Red Sea to broader regional flashpoints, are putting new pressure on Gulf ports. Ensuring their resilience is no longer just about protecting trade. It is now central to national security and regional stability. Compliance is the starting line, not the finish Most Gulf ports meet the basic international security standards under the ISPS Code. But that is not enough. Compliance provides a framework, not a solution. Too often, operators treat it as a checklist rather than a foundation. True resilience requires a different mindset. Port security should not be seen as an obstacle to trade but as a core pillar of competitiveness.. Jebel Ali Port is a leading example. Its global reputation was not earned by simply meeting minimum standards. Its success is the result of ongoing risk assessments, continuous training, and a proactive approach to every aspect of security – particularly in its adoption of technology and its integration into its production primacy approach. This is a model that other ports in the region can learn from and adapt. Integration is the future of security Modern ports function as complex ecosystems. They bring together free zones, logistics providers, customs authorities, and digital infrastructure into a single operational environment. Within this space, security must be fully integrated. Physical access control, cybersecurity protocols, intelligent surveillance, and emergency response planning all need to work together as one. Technology plays a critical role. From biometric access systems to artificial intelligence for threat detection, there are advanced tools that can help enhance security. However, these tools are only effective when guided by skilled professionals with the right training. As Bill Gates once noted, automation applied to an inefficient operation only magnifies the inefficiency. Without strong processes and capable people, even the best technology will fall short. The Gulf's advantage must be used wisely The Gulf has already demonstrated that it can deliver world-class infrastructure. The next frontier is building secure infrastructure that can adapt and evolve with emerging risks. This will require moving beyond paper-based plans and embracing real-world testing. Scenario-based exercises and crisis simulations should become standard practice. Security cannot be a one-time investment. It must be embedded into the daily culture of port operations. Governments and private sector operators must also collaborate more closely. Intelligence sharing, regional coordination, and the development of Gulf-specific security standards can raise the overall r At the heart of this transformation is human capital. The region must invest in developing a new generation of trained and trusted security professionals who understand both physical and digital threats. Security is an investment in growth A single breach at a Gulf port would do more than delay containers. It could disrupt entire supply chains, shake investor confidence, and damage the region's reputation as a dependable trade partner. In a global economy driven by trust, security is no longer optional. It is a non-negotiable investment in sustainable growth. One of the Gulf's strengths lies in its ability to build with foresight. Unlike older ports that are burdened with legacy systems, Gulf ports can design modern security architecture from day one. The UAE, Saudi Arabia, and Oman have already begun this journey by introducing smart surveillance systems, AI-driven monitoring, and integrated command centers. These are promising steps, but more must be done. A final question for the region Port security should not be treated as a side function or a technical afterthought. It is central to growth, to national strength, and to the region's future as a global trade and industrial hub. The Gulf can lead not just in port development but in redefining what secure, resilient trade infrastructure looks like for the rest of the world. As the region accelerates toward a more industrial and interconnected future, one question must be asked. Are we just expanding our ports, or are we securing our prosperity? The answer will determine how far and how smart, secure, and geen the Gulf travels on the path to economic leadership. The writer is the CEO at Neptune P2P Group.
Khaleej Times
12 hours ago
- Khaleej Times
Pakistan PM Sharif meets Saudi Crown Prince, wishes him on Eid
Pakistan Prime Minister Shehbaz Sharif met Saudi Crown Prince Mohammed bin Salman during his official visit to the Kingdom on the occasion of Eid ul Adha. The two leaders discussed regional developments and ways to strengthen economic cooperation. The meeting took place at Mina Palace, where both sides emphasised the importance of deepening bilateral ties, particularly in trade, investment, and development aligned with Saudi Arabia's Vision 2030 and Pakistan's economic goals. 'I was honoured to meet my dear brother, Crown Prince Mohammed bin Salman, on this blessed occasion,' Sharif said in a post on X. 'I conveyed the heartiest Eid greetings on behalf of the people of Pakistan and expressed our deep appreciation for the Kingdom's positive and constructive role during the recent Pakistan-India crisis, which led to the ceasefire understanding,' he added. The Saudi Crown Prince praised Pakistan's role in supporting regional peace and also acknowledged efforts made during the Hajj season. 'We commend the continuous efforts made by you, those working across various government sectors, and the male and female volunteers in implementing the state's policies to enable pilgrims to complete their rituals in security and tranquility,' Crown Prince Mohammed bin Salman said.
Zawya
15 hours ago
- Zawya
Democratic Republic of the Congo (DRC) Mining Minister encourages Industry to Gather at DRC Mining Week in Lubumbashi from 11 June
The DRC Minister of Mines, H.E. Kizito Pakabomba Kapinga Mulume, says he is looking forward to visiting 'the legendary DRC Mining Week,' which is taking place from 11–13 June in Lubumbashi. The organisers of this longstanding expo and conference, which is celebrating its 20th anniversary edition this month, have extended the event until 14 June for the official visit of mining Minister Mulume who will address and engage with delegates during a special ministerial session. Minister Mulume says in a statement: 'I have my ticket for DRC Mining Week, and I am really truly looking forward to experiencing the legendary atmosphere of the event in Lubumbashi, combining straight-talking business discussions with networking and good times. The organisers can be rightfully proud of building such a legacy over 20 years; this is a true testament to their staying power, tenacity and passion for the industry: essential traits for being a good partner in mining. I want to invite anyone who has not yet made plans to travel to Lubumbashi to come out and join the more than 11,500 mining professionals who will be there.' H.E. Kapinga Mulume will deliver the closing remarks during the special ministerial session on 14 June. 20 years of shaping mining in the DRC From its inception, DRC Mining Week has evolved into the largest mining and infrastructure platform in the DRC and the Copperbelt, bringing together over 11,500 attendees from 50+ countries. Under the theme '20 Years of Shaping Mining in the DRC: Investing in Infrastructure Development and Energy Security – Vision 2025–2030,' this landmark edition will highlight the progress made and the opportunities that lie ahead. With mining at the heart of the country's industrialisation, the focus will be on investment, infrastructure development and energy security to drive long-term growth. Longstanding support 'We are always delighted to welcome government luminaries to Lubumbashi; therefore we have added a VIP bonus day to our event on 14 June, in order to ensure that high-level government representatives are able to engage with industry leaders,' says event organiser Samukelo Madlabane, Events Director – Mining for the VUKA Group. 'Particularly in the light of DRC Mining Week 's 20th anniversary, which would not have been possible without the government's invaluable, longstanding support for this event, which has been fostering collaboration and development within the mining sector for over two decades now.' Valuable exposure More than 11,500+ local and international mining professionals are expected at DRC Mining Week this week, promising valuable exposure and potential contacts for participating partners. The event provides a broad spectrum of thought-provoking content and opportunities to meet existing and prospective partners and clients in the mining and extractive sectors, including: Investment Forum; High-level conference sessions, with topics that include: the Mining Roadmap 2025–2030; expert think-tank; market dynamics and price volatility; and positioning DRC as a leading mining country. Countless meeting and networking occasions for 1300+ elite decision-makers, including mining executives and government officials; An expansive expo with 280+ sponsors and exhibitors showcasing the latest and trusted technologies and services for the industry, including country pavilions; US Government Business Forum (invitation only); European Union Business Forum (invitation only); The Ambassador's Forum and networking business lunch (invitation only) Executive Business Forum (strictly by invitation); CEO Roundtable (Strictly by invitation); Value Chain Investment Forum; Regional Development Forum; Women Mine&Leadership Forum—always a hot ticket and an event highlight; Glittering gala dinner (strictly for ticket holders); Kamoa Site Visit (sold out). The packed programme brochure for the 2025 edition of DRC Mining Week is available on the event website. Click here ( Industry support As has become customary for DRC Mining Week, this year too the event boasts broad industry backing and institutional support, including the official partners, the DRC Ministry of Mining and FEC (Federation of Enterprises of Congo). Its main sponsors include Standard Bank as lead sponsors. The diamond plus sponsors are Ecobank, Equity BCDC, Kamoa Copper S.A., Glencore, Kamoto Copper Company S.A. and MUMI. Other mining houses that will be in attendance this year include Barrick, CMOC, ERG Africa, Gecamines, Ivanhoe Mines and MMG. DRC Mining Week dates and venue: Expo and conference: 11–13 June 2025 Farewell lunch on the 14th of June (Strictly by invitation); Location: The Pullman Grand Karavia Hotel, Lubumbashi, DRC Distributed by APO Group on behalf of Vuka Group. About DRC Mining Week: DRC Mining Week is organised by The VUKA Group (formerly Clarion Events Africa) ( a leading Cape Town-based and multi-award-winning organiser of exhibitions, conferences and digital events across the continent in the infrastructure, energy, mining, mobility, ecommerce and CX sectors. Other well-known events by The Vuka Group include DRC-Africa Battery Metals Forum ( Nigeria Mining Week ( Enlit Africa ( Africa's Green Economy Summit ( Smarter Mobility Africa ( ECOM Africa ( and CEM Africa ( Mining Review Africa ( the leading monthly magazine and digital platform in the African mining industry, is the event's premium media partner.
