Sumou seals deal with Melia for $400m Saudi beach resort
RIYADH, January 24, 2024
Saudi-based Sumou Holding Company has signed a agreement with Spanish hospitality group Melia Hotels International to operate a beach resort within Ajwan mixed-use project in the Eastern Province of Saudi Arabia, being set up at an estimated cost of SAR1.5 billion ($400 million).
The initiative, supported by the Saudi Ministry of Tourism, was part of the Real Estate Future Forum activities.
The hotel is planned to be established at Ajwan Resort, in the Al Aziziyah area - Half Moon Beach in the Al Khobar city.
The agreement was signed by Sumou Real Estate CEO Engineer Jarallah Al Omar and Melia Hotels Resorts International Director of Development Jordi Sanchez with Dr Abdulaziz Al Dakhil, Chairman of First Gulf Real Estate Company in the presence of Undersecretary of the Ministry of Tourism for the Empowerment of Tourist Destinations, Mahmoud Abdulhadi.
Sumou Real Estate company had last year in its filing to Saudi bourse Tadawul had stated that it had obtained an off-plan sales licence for Ajwan project from Wafi.
Speaking at the ceremony, Abdulhadi said: "The ministry aims to play a crucial role in promoting investments in the tourism industry through this agreement."
The agreement represents a significant step towards the development of the Eastern Province as a prominent tourist destination, he stated.
Abdulhadi also emphasised the ministry's commitment to supporting projects that contribute to enhancing the kingdom's standing as a global tourist destination.
Meanwhile, Sumou Real Estate said it had sealed another deal with National Housing Company for the development of its Areem residential project in Makkah City
The company announced that it had obtained off-plan sale permit for Areem residential project.-TradeArabia News Service
