Sumou Real Estate Co. has signed a development management agreement for the Anara project in Riyadh, which will include 753 residential units.

The housing units will be developed on a 748,022-sq-m land plot in the Al-Sahab district of Riyadh, the company said in a statement to the Saudi stock exchange.
 
Under the 36-month deal, Sumou will receive development management fees of SAR 77 million, or 10 percent of the estimated project cost.

Zawya Project's estimates show the project cost at SAR 770 million ($205 million).

No other details on the Riyadh project were given.

(Editing by Anoop Menon) (anoop.menon@lseg.com) 

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