Sumou Real Estate Company has signed a memorandum of understanding (MoU) with Emaar the Economic City (Emaar EC) to discuss joint cooperation to study the available opportunities to develop lands in the King Abdullah Economic City (KAEC).

The MoU, valid for six months, also aims to find innovative ways to finance these projects, Sumou said in a statement to the Saudi stock exchange on Thursday.

In June, KAEC, the largest privately-funded city in Saudi Arabia, was granted a licence for a Special Economic Zone, focusing on industrial sectors such as car manufacturing, consumables, food, medicine, logistics, and associated industries.

(Writing by D Madhura; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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