Sumou Real Estate Company has signed a 30-million Saudi riyal ($8 million) development management agreement with Alinma Ajyad Real Estate Company for Alinma Ajyad Real Estate Fund project in Mecca.

The project covers an area of 300,000 square metres, the developer said in a statement to the Saudi stock exchange on Wednesday.

The 24-month contract will be effective from the date of receiving approval from Makkah Municipality to start work.

The details of the project were not given.

Earlier this month, Sumou signed a memorandum of understanding 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).

(Writing by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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