Kingdom Holding Company has announced that its key subsidiaries – Kingdom Real Estate Development Company and Trade Center Company – have signed an agreement with Sumou Real Estate Company to manage infrastructure development and the marketing and sale of 3.07-million-sq-m land plots in Riyadh.

The agreement was signed by key subsidiaries of Kingdom Holding, with Sumou acting as the exclusive development manager for the project, the company said.

The contract covers 3.07-million-sq-m land parcel and includes infrastructure development management, design coordination, execution oversight, as well as the marketing and sale of residential and commercial plots, it stated.

The project is estimated to generate approximately SAR4 billion ($1.08 billion) in total sales, it added.