A strategic step towards strengthening the residential sector in the capital
Sumou Real Estate, a leading real estate development company in Saudi Arabia, announced a significant strategic step by signing a supplementary agreement to develop, execute, and market the “Anara” residential project in Riyadh, with a total value of SAR 766 million. This move aims to strengthen the company’s investment portfolio and meet the growing demand for high-quality residential units in one of the region’s fastest-growing cities.
Under this agreement, signed with Maali Al Jazeera Real Estate Company, in its capacity as manager of the Al Jazeera Sumou Real Estate Fund, Sumou Real Estate's role has been expanded to encompass all phases of the project, from development and execution to marketing. Previously, its role was limited to development management. The massive project, located in the Al Sahab district of Riyadh, spans a total area of 748,022.12 square meters and aims to create 758 modern residential units that meet the aspirations of Saudi families. The project is scheduled for completion within 48 months, commencing from the start date.
The project is in line with the Kingdom's Vision 2030
This project comes amidst the rapid growth of the Saudi real estate sector, a key pillar in achieving the goals of Vision 2030. The Vision aims to increase homeownership among Saudi citizens to 70% by 2030, which necessitates significant investments in high-quality residential projects like the “Anara” project. National real estate development companies play a pivotal role in achieving these objectives by providing diverse housing units that meet the growing market demand, particularly in major cities like Riyadh, which is experiencing substantial population and economic growth and attracting global investments and projects.
Economic importance and expected impact
This agreement is expected to have a tangible positive impact on Sumou Real Estate's financial performance once sales and construction commence. Locally, the project will contribute to increasing the supply of residential units in Riyadh, helping to meet high demand and stabilize the market. It will also boost economic activity by creating direct and indirect job opportunities in the construction, contracting, and related industries. This investment, exceeding SAR 760 million, represents a strong testament to the resilience of the Saudi economy and the attractiveness of the capital's real estate market.
The signing of this agreement underscores Sumou Real Estate Company's competitiveness and its ongoing commitment to enhancing its investment portfolio and contributing effectively to the Kingdom's urban development. The "Anara" project is not merely a real estate addition, but rather an integral part of a comprehensive development system aimed at improving the quality of life and providing sustainable residential environments for citizens, in line with ambitious national aspirations.
