Sumou signs infrastructure development agreement for land in Riyadh with Adeer

Sumou Real Estate Co. headquarters

Sumou Real Estate Co. signed, on Oct. 2, an infrastructure development agreement with Adeer Asar Real Estate Co. for an over three million square meter-land plot in Riyadh.  

The agreement is valid for 30 months from the signing date, Sumou said in a statement to Tadawul.

The Nomu-listed company will receive development fees at 8% of the project’s total cost.

The project is expected to have a positive impact on the company starting from the agreement date, Sumou added, noting that Adeer is a related party.