AlBalad AlAmeen + Sumou to launch SAR 4 bn Makkah real estate fund

New SAR 4 bn real estate fund in the works: Makkah-based master planner AlBaladAlAmeen for Development and Urban Regeneration and real estate developer Sumou Holding will set up a SAR 4 bn investment fund, after signing an MoU, Albalad Alameen said on LinkedIn.

The details: The fund will help develop infrastructure for the Sumou Suburb Project in Makkah. The 1.6 mn sqm mixed-use development is expected to house around 25k residents within the Makkah Gateway, according to its website. No further details were disclosed.

ALSO- The two companies signed a separate agreement to develop two projects in Makkah spanning over 7 mn sqm each, including neighborhoods and utilities, Albalad AlAmeen said in a separate post.