19-03-2025
Investment Fund Launched to Develop Sumou Suburb Project in Makkah
AlBalad AlAmeen for Development and Urban Regeneration Co., the investment arm of the Municipality of Makkah, has signed a memorandum of understanding (MoU) with Sumou Holding Co. to launch a SAR4 billion ($1,06 billion) investment fund.
The fund will finance the superstructure development of the Sumou Suburb project in Makkah to meet the needs of residents and visitors.
It is part of a broader vision to create an integrated, vibrant environment that supports Makkah's ambition to become a global urban hub.
AlBalad AlAmeen signed a separate MoU with Sumou Holding to develop two residential real estate projects in Makkah.
The projects will span over 7 million square meters.
