Sumou to build $17mln commercial projects in Saudi Arabia
The first contract is to develop the Al-Malaz commercial project in Riyadh at the cost of SAR 34.87 million within 26 months of receiving the site, the company said in a statement to the Saudi stock exchange on Thursday.
In a separate filing, the company said the second contract is to develop the SAR 29.57-million Arina commercial project in Dammam within 33 months of receiving the site.
The two projects are expected to positively impact the developer's financial results, the statements said.
(Editing by Anoop Menon) (anoop.menon@lseg.com)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Campaign ME
a day ago
- Campaign ME
Rixos Obhur Jeddah picks Brazen MENA as PR partner for Saudi launch
Rixos Hotels has appointed Brazen MENA as its strategic Public Relations partner for the launch of Rixos Obhur Jeddah, an all-inclusive family and lifestyle resort in Saudi Arabia. The appointment follows a competitive pitch process and marks a milestone moment for both brands as Rixos makes its highly anticipated debut in the Kingdom. Brazen MENA will lead launch communications for the flagship property, with a remit spanning strategic media relations, content development, influencer engagement, and storytelling around the brand's signature 'all-inclusive, all-exclusive' philosophy. The agency will spotlight the resort's cultural relevance and its role in shaping Saudi Arabia's evolving tourism landscape. Mohammed Al-Khatib, General Manager of Rixos Obhur Jeddah, said, 'We are delighted to partner with Brazen MENA at this pivotal moment for the Rixos brand in Saudi Arabia. As a milestone launch, it was essential to find a PR partner who understands the market and brings bold, creative storytelling.' Al-Khatib added, 'Brazen MENA stood out for their strategic thinking, local insight, and passion for lifestyle-driven communications – we're excited to bring this destination to life together.' The win further strengthens Brazen MENA's growing portfolio in the Kingdom and reinforces the agency's track record in delivering high-impact, locally relevant campaigns for some of the region's most exciting hospitality brands. Louise Jacobson, Managing Partner at Brazen MENA, said, 'This is a hugely exciting win for the agency. Rixos Obhur Jeddah isn't just a resort – it's a game-changing destination that speaks to where Saudi tourism is heading. Our expertise in lifestyle, hospitality, and market-first openings puts us in a prime position to help bring the launch to life and create lasting impact.'' Located on the shores of Obhur Bay, Rixos Obhur Jeddah represents a bold new chapter in experiential travel, combining elevated hospitality with a vibrant, family-first approach. The resort aims to blend contemporary elegance with Arabian hospitality and features 250 accommodations, a private beach, curated dining concepts, world-class wellness facilities and Jeddah's only dedicated kids' club. Meanwhile, with offices in Dubai and Riyadh, Brazen MENA continues to build on its bold new brand platform – B Ahead, B Brazen, aimed at driving greater visibility, reputation and impact across the region.
Filipino Times
2 days ago
- Filipino Times
PH, Saudi firms join forces to boost solar energy development
President Ferdinand Marcos Jr. welcomed Saudi energy leader ACWA Power Chairman Mohammad Abunayyan and Meralco Powergen Corporation (MGen) Chairman Manuel V. Pangilinan during a courtesy call in Malacañan Palace on July 31, 2025. The meeting comes after the signing of a partnership between ACWA Power of Saudi Arabia and MGen to explore and develop renewable energy projects—especially solar power—in the Philippines and Southeast Asia. ACWA Power, a global pioneer in green hydrogen and the world's largest private water desalination company, is contributing its international expertise and a 78.8-gigawatt portfolio. MGen, the power generation arm of Meralco, brings its local experience with 4.95 gigawatts of diversified energy assets. The collaboration reflects a shared commitment to accelerating clean energy development and supporting regional energy transition and sustainability goals.
Zawya
2 days ago
- Zawya
Saudi Arabia records 3.9% real GDP growth in Q2
Saudi Arabia's real gross domestic product (GDP) grew by 3.9% in the second quarter of 2025 compared to the same period in 2024, reported SPA citing data from General Authority for Statistics in Saudi Arabia. As per the GASTAT data, non-oil activities recorded the highest growth at 4.7%, followed by oil activities at 3.8% and government activities at 0.6%. Seasonally adjusted real GDP rose by 2.1% in Q2 compared to the previous quarter, with oil activities leading the growth at 5.6%. The non-oil activities grew by 1.6%, while government activities declined by 0.8%. Copyright 2025 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
