Articles > Sumou Real Estate Company Inks Long-Term Deal with Saudi Airlines Real Estate Development Company
Sumou Real Estate Company Inks Long-Term Deal with Saudi Airlines Real Estate Development Company
By KlickAnalytics Data Insights | May 5, 2026 03:06AM ET
- Sumou Real Estate Company has recently announced a significant agreement with Saudi Airlines Real Estate Development Company (SARED) to lease and develop a plot of land for a mixed-use project in Jeddah.
- The contract entails the lease of a 78,374 m² land for a period of 35 years, with a focus on establishing an integrated project in the southwestern corner of the master plan.
This lucrative deal was officially signed on May 4, 2026, marking a major milestone for both companies. The annual rental value for the land is set at SAR 11,756,100 (excluding VAT) and is subject to a 21% increase every five years. The rental fee will be due upon the issuance of building permits or eighteen months after the contract signing, whichever comes first.
With a contract duration of 35 years, starting from the issuance of building permits, this agreement is projected to have a significant financial impact on Sumou Real Estate Company. As both entities move forward with this partnership, the real estate landscape in Jeddah is bound to witness exciting new developments and opportunities. Stay tuned for more updates on this groundbreaking collaboration!
- The contract entails the lease of a 78,374 m² land for a period of 35 years, with a focus on establishing an integrated project in the southwestern corner of the master plan.
This lucrative deal was officially signed on May 4, 2026, marking a major milestone for both companies. The annual rental value for the land is set at SAR 11,756,100 (excluding VAT) and is subject to a 21% increase every five years. The rental fee will be due upon the issuance of building permits or eighteen months after the contract signing, whichever comes first.
With a contract duration of 35 years, starting from the issuance of building permits, this agreement is projected to have a significant financial impact on Sumou Real Estate Company. As both entities move forward with this partnership, the real estate landscape in Jeddah is bound to witness exciting new developments and opportunities. Stay tuned for more updates on this groundbreaking collaboration!
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