Latest news with #SumouRealEstate
Zawya
3 days ago
- Business
- Zawya
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.
Arab News
25-05-2025
- Business
- Arab News
Closing Bell: Saudi main index slips to close at 10,999
RIYADH: Saudi Arabia's Tadawul All Share Index slipped on Sunday, falling 118.96 points, or 1.69 percent, to close at 10,999.78. The total trading turnover of the benchmark index stood at SR3.44 billion ($917 million), with 41 stocks advancing and 203 declining. Similarly, the Kingdom's parallel market Nomu dropped 242.96 points, or 0.89 percent, to close at 27,017.77. A total of 32 listed stocks advanced, while 56 retreated. The MSCI Tadawul Index also declined, losing 26.41 points, or 1.85 percent, to close at 1,402.40. The best-performing stock of the day was Saudi Steel Pipe Co., which saw its share price surge 4.79 percent to SR61.20. Other top performers included Raoom Trading Co., with its share price rising 4.35 percent to SR72.00, and National Industrialization Co., which gained 3.43 percent to close at SR9.36. ACWA Power Co. Fund recorded the most significant drop, falling 7.79 percent to SR251.00. Saudi Co. for Hardware saw its share price decline by 4.39 percent to SR29.40, while Alujain Corp. fell 4.38 percent to SR36.05. On the announcement front, Sumou Real Estate Co. said it has signed a development agreement with the National Housing Co. for the Areem Makkah project. The contract involves constructing residential units — primarily villas — on land allocated to Sumou within the Makkah Gate project in Makkah City, with an estimated value of SR680 million. According to a statement on Tadawul, the 42-month project is expected to positively impact the company's financial results once sales and implementation commence. Sumou Real Estate Co. ended the session down 1.17 percent at SR44.00. Dr. Soliman Abdul Kader Fakeeh Hospital Co. has signed a contract with Advanced Horizons Contracting Co. for the construction of a new medical center in Zahra, Jeddah. A bourse filing revealed that the contract is valued at approximately SR101.8 million. The full cost of construction and finishing will be funded by Yaser Yousef Naghi for Investment Co., as stipulated in the agreement. Under the ownership of Yaser Yousef Naghi for Investment Co. and the oversight of DSFH, AHC will carry out all construction and finishing work for the Zahra Medical Center. DSFH will provide the medical equipment and furniture separately, in accordance with the framework agreement. Dr. Soliman Abdul Kader Fakeeh Hospital Co. ended the session at SR42.85, down 0.35 percent. Mutakamela Insurance Co. announced it has obtained approval from the insurance authority to renew its license to operate in the Kingdom. The renewed license will allow the company to conduct insurance activities from Aug. 22, 2025, through Aug. 21, 2028, according to a Tadawul statement. Mutakamela Insurance Co. ended the session down 1.85 percent at SR15.02.
Zawya
25-05-2025
- Business
- Zawya
Saudi's Sumou signs $181mln deal to build villas in Makkah Gate scheme
Sumou Real Estate Company has signed an agreement with the state-backed National Housing Company (NHC) to develop residential units in the Areem Makkah project. The villas will be developed on the land plots allocated to Sumou within the Makkah Gate project, the company said in a statement to the Saudi stock exchange on Sunday. Dubbed 'Area O2' within the Makkah Gate, the project covers 231,600 square metres with an estimated development value of 680 million Saudi riyals ($181.30 million). The contract duration is 42 months, starting 23 May 2025. The project is expected to have a positive impact on the company's results after the start of off-plan sales and construction, the statement said. National Housing Company (NHC), the investment arm of the Ministry of Municipal and Rural Affairs and Housing, is the master developer of Makkah Gate. (Editing by Anoop Menon) (
Zawya
30-04-2025
- Business
- Zawya
Saudi: Sumou Real Estate records 17% higher profits in Q1-25
Sumou Real Estate Company logged net profits amounting to SAR 22.36 million in the first quarter (Q1) of 2025, an annual growth of 16.99% from SAR 19.11 million. The company's sales hiked by 25.34% year-on-year (YoY) to SAR 101.49 million in Q1-25 from SAR 80.96 million, according to the interim financial results. Earnings per share (EPS) stood at SAR 0.44 in the first three months (3M) of 2025 from SAR 0.38 a year earlier. Quarterly, the Q1-25 net profits dropped by 4.14% from SAR 23.32 million in Q4-24, while the revenues retreated by 9.28% from SAR 111.88 million. Earlier in April, Sumou Real Estate inked a SAR 680 million development agreement with the National Housing Company to establish more than 900 Residential Villas in the Makkah Gate project. All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (
