Sumou Real Estate signs development, marketing agreement for land in Dammam

Sumou Real Estate Co.’s headquarters

Sumou Real Estate Co. signed a development and marketing agreement for a 415,967 square meter (sqm) land plot in Dammam, with Sumou Holding Co. (a related party), according to a bourse statement.

The company will manage the development and marketing for a fee of SAR 7 million, which will be paid on a quarterly basis during the agreement period of 18 months starting from the date of issuance of the off-plan sale license.

The agreement is expected to have a positive financial impact on the company's revenues over the coming period, the statement noted.