Sumou Real Estate Company has secured a contract from Diyar Real Estate Development Company to develop and execute infrastructure works on a project located in the North Obhur neighborhood in Jeddah 

The 24-month contract is valued at 135 million Saudi riyals ($36.01 million), Sumou said in a statement to the Saudi stock exchange on Monday.

The project in Jeddah covers a total area of 960,000 square meters and is expected to have a positive impact on financial results.

Diyar Real Estate represents a real estate fund managed by Sedco Capital Company.

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

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