Latest news with #Sumou
Zawya
28-04-2025
- Business
- Zawya
Sumou Global Investment and GolfNorth partner
Project aim is to shape the future of travel and leisure using partners' deep expertise in development, golf management and technology Riyadh, Saudi Arabia: Sumou Global Investment, Saudi Arabia's premier real estate developer & investor, is partnering with Canada's GolfNorth, a leading golf course and technology company, to develop a series of luxury golf communities and resort destinations across the Kingdom of Saudi Arabia, the Middle East and North Africa. The joint venture aims to meet the Saudi government's ambitious Vision 2030 tourism and ecological and environmental goals by sustainably transforming the Kingdom's landscape, creating new investments, luxury real estate, five-star hospitality, championship golf and innovative technologies for a new global standard in lifestyle homes and destinations. Each destination will feature high end developments: 1. Luxury Villas and Residences set in stunning natural landscapes; 2. Championship Golf Courses designed by top international architects; 3. World-Class Hotels, Wellness Retreats, and Lifestyle Amenities, designed for both residents in Saudi Arabia and international travelers. The partnership brings together the Middle East's leading real-estate investor with a development exceeding 60 million square meter of land and history of developing visionary projects including Dhahiat Murouj Jeddah, Dhahiat Sumou Makkah and Sumou Towers on Jeddah Water Front and Canada's GolfNorth, the largest multi-course operator in Canada, featuring a full suite of technologies and services for golf course operations and management. Together they will build a KSA headquartered technology and services company for recreation, lifestyle and hospitality services. 'Today's announcement is a result of our vision to redefine luxury living on a global stage.' said Abdul Rahman Ayedh Al-Qahtani, CEO of Sumou Global Investment. 'In line with Vision 2030, our partnership aims to position the Kingdom as a global hub for lifestyle, tourism and real estate innovation.' 'GolfNorth's management expertise, proprietary technology and infrastructure are a perfect fit for Sumou's plans to build iconic communities and destinations,' said Jim Balsillie, Chair and owner of GolfNorth. 'Together we are uniquely positioned to deliver for projects of this size,' he added. GolfNorth will take the lead in designing, operating, and maintaining all golf courses. In addition to its proprietary technology services, the Canadian company will ensure tournament-grade course maintenance and elite playing conditions; golf academies, member programs, and tournament and league hosting; sustainable practices including water conservation and ecological balance. Lead projects in Riyadh, Jeddah and Al Khobar are set to break ground in 2025, with phased openings beginning in 2027. Additional sites across Saudi Arabia and internationally are under consideration, aligning with the growing global demand for integrated lifestyle destinations. About Sumou Global Investment Sumou Investment is part of Sumou Holding among Saudi Arabia's largest private real estate group. Established in 2008, today Sumou is developing more than 60 million square meters of land, specialized in creating transformative projects that contribute to the growth of different sectors in Saudi Arabia and around the globe. With major landmark projects in Saudi Arabia currently under development; Sumou Towers, the tallest 319-meter twin towers on Jeddah water front. Sumou Park, strategically located in the capital Riyadh, a 300 thousand square meter sustainable development. Sumou Views inspired by the city of Al Khobar's journey that grew from a tranquil fishing village to a flourishing urban hub in the eastern Province of the Kingdom of Saudi Arabia. About GolfNorth GolfNorth Properties is a privately owned golf and resort management company, based in Waterloo, Ontario. Founded in 1994, the company grew steadily to become the national leader in the management of golf properties and is now the largest multi-course operator in Canada. GolfNorth currently operates 43 golf properties in Canada, from British Columbia to Nova Scotia. Supporting its operational excellence is Tee-On, GolfNorth's proprietary technology service platform for golf and resort operations, also featuring e-commerce, analytics, POS integrations, loyalty and member optimization programs. The full roster of GolfNorth courses is available at
Zawya
28-01-2025
- Business
- Zawya
Sumou launches real estate fund to develop $533mln projects in Saudi Arabia
Saudi-listed Sumou Real Estate Company, part of Sumou Holding, entered a tripartite deal to set up a real estate fund to develop projects worth 2 billion Saudi riyals ($533.20 million) nationwide. The other two parties in the fund are AlJazira Capital and Sumou Global Investment Company, a related company. Sumou will act as the developer of the projects and will receive a development fee of 10 percent of the development costs, the company said in a statement to the Saudi stock exchange on Tuesday. The fund will acquire land in Riyadh to develop more than 800 residential units. Additionally, it will buy Sumou land plots in Dammam and Khobar for SAR 90.67 million. On Sunday, Sumou Investment, also a part of Sumou Holding, had inked a quadripartite agreement valued at $2 billion with Egypt's MIDAR and local firms ADEER International and Hassan Allam Properties to invest in real estate projects in Egypt. Read more: (Editing by Anoop Menon) (
