Latest news with #SumouRealEstateCo.
Argaam
21-04-2025
- Business
- Argaam
Sumou wins SAR 680M contract to develop villas in Makkah Gate
Sumou Real Estate Co. was awarded on April 20 a SAR 680 million, VAT-exclusive contract by National Housing Co. (NHC) to develop residential units. In a statement to Tadawul, Sumou said it will develop more than 900 villas in the O2 Zone, Makkah Gate project in Makkah. Any future updates will be duly announced.
Argaam
05-02-2025
- Business
- Argaam
Sumou signs SAR 130M credit facility with SAB
Sumou Real Estate Co. headquarters Sumou Real Estate Co. signed a Shariah-compliant facility worth SAR 130 million from Saudi Awwal Bank (SAB), according to a Tadawul statement. For more news on listed companies
Argaam
28-01-2025
- Business
- Argaam
Sumou establishes real estate fund to develop SAR 2B project
Sumou Real Estate Co. announced on Jan. 27 that AlJazira Capital and Sumou signed an agreement to set up a real estate fund, with an aim to develop a high-quality real estate project. The project encompasses a 414,320 square meter plot of land and is expected to deliver over 800 residential units. According to a statement to Tadawul, the fund will also acquire land owned by Sumo in the cities of Dammam and Al Khobar, with the total value exceeding SAR 2 billion. Sumo was appointed as the project developer in exchange for a development management fee amounting to 10% of the development costs. The company clarified that the fund will pay for the land owned by Sumo, valued at SAR 90.7 million, in-kind, with 78% of the payment made through the issuance of in-kind units in the fund, totaling 7.05 million investment units worth SAR 70.45 million, at a nominal value of SAR 10 per unit. This will be done after completing the necessary regulatory procedures to establish the fund. The remaining balance of SAR 20.22 million (22% of the total) will be paid in cash by the fund, via a certified check to Sumo, to be delivered upon completion of the process. Furthermore, Sumo will hold a 26.2% equity stake in the fund, which represents the development management fee, in addition to the aforementioned in-kind payment. The four-year contract is expected to positively impact the company's financials starting from the establishment of the fund.
