Smou Real Estate Company acquired 80% stake in Al Mahafel Trading and Contracting Company Ltd.
According to Arabiya Net, the company stated in a statement that Al-Mahafel Company will invest and develop the land located in the Makkah Al-Mukarramah region - the municipality of Asfan on the migration road - and its area is (1,321,749.48). meters, which the company rents on a long-term lease (25 years).
According to the statement, it aims to establish a multi-purpose public utility market, and Sumou Real Estate Company will manage the development and implementation of the project.
Smou expected that the acquisition will have a positive financial impact that will be reflected on the company's financial results from the start of the project's operation.
Smou Real Estate Company is one of 4 companies that were listed in the Saudi market during the past year, and succeeded in raising 30 million riyals.
