Saudi-based Sumou Real Estate Company has announced the signing of an infrastructure development works contract with Diyar Real Estate Development Company (a key entity which represents a real estate fund managed by Sedco Capital Company) for a project in the port city of Jeddah.
As per the SAR135 million ($36.01 million) deal, the company will develop and execute infrastructure works on a 960,000-sq-m project located in the North Obhur neighborhood in Jeddah, said Sumou Real Estate Company in its filing to the Saudi bourse Tadawul.
The entire work will be completed within a two-year period, it stated.
The project is expected to have a positive impact on the company’s results, it added.-TradeArabia News Service
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