Sumou signs agreement to develop, market, sell land in Dhahran

Sumou Real Estate Co.’s headquarters

Sumou Real Estate Co. signed an agreement with Tarik Abd Al-Hady Al Qahtani to develop infrastructure and superstructure, along with marketing and sales of land plots and residential units (off-plan) for 268,901 square meter land on Abqaiq Road in Dhahran.

In a statement to Tadawul, the real estate firm said that the duration of the agreement is 30 months, starting from the date of signing. Sumou will receive 25% of the net sales after deducting all project costs.

The agreement is expected to have a positive financial impact on the company's revenues and results during the coming period, the statement said, noting that there are no related parties to the contract.