Sumou Real Estate inks SAR 44 mln deal for development, maintenance of Dammam land scheme infra

10/02/2022 Argaam

Sumou Real Estate Co.’s headquarters

Sumou Real Estate Co. signed, on Feb. 9, an infrastructure development, execution and maintenance agreement for land scheme number “1/725” located in Dammam, across a total area of 1.58 million square meters, with Sumou Holding Co. (a related party).

 

The agreement has a value of SAR 44 million, including the construction cost and development fees of Sumou Real Estate, to be paid during the agreement period of four months, starting from the date of signing the agreement, according to a bourse statement.

 

The agreement is expected to have a positive impact on the company’s result and revenue for 2022, the statement added.

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