Saudi real estate management and development company Sumou
has announced that it has reached an agreement to acquire an 80 per cent stake in Jeddah-based Al Mahafel Trading and Contracting Company.
Established in 1999, Al Mahafel is a key player in the operation of building materials and fixtures.
As per the deal, Al Mahafel will develop a land, spanning across 1.32 million sq m in the Makkah region, to set up a multi-purpose market through a 25-year lease contract, according to a bourse filing.
Sumou Real Estate Company will be managing the development and implementation of the project, it stated.
The Saudi real estate group had recently signed a new agreement for the development of a 302,000-sq-m Hittin project land located on Abqaiq Road at Dhahran.
As per the agreement, Sumou will be managing the development, execution, and marketing of the project for a one-year period starting from the date of issuance of the off-plan sale licence, it added.-TradeArabia News Service
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