Sumou reaches agreement for key Saudi plot development
RIYADH, February 10, 2022
Saudi-based Sumou Real Estate Company has announced the signing of an agreement for the infrastructure development, execution and maintenance of a 1.58-million-sq-m plot of land located in Dammam City.
The SR44 million ($11.7 million) agreement was sealed with Sumou Holding Company, said the company in its filing to Saudi bourse Tadawul.
The deal included the construction cost and development fees of Sumou Real Estate Company, to be paid during the agreement period of four months starting from February 9 (date of signing the agreement),
The impact of the agreement on company’s result and revenues is expected to be positive during the financial year 2022, it added.-TradeArabia News Service
