Sumou signs SAR 64.4M worth of contracts with Saudi Railways

Sumou Real Estate Co. announced on Jan. 29 signing two contracts with Saudi Arabia Railways (SAR) at a total value of SAR 64.44 million, according to a statement to Tadawul.

 

The first contract entails the development of the Al-Malaz Complex Project in Riyadh, at SAR 34.87 million, with a contract duration of 26 months starting from the date of site handover.

 

 

In a separate statement, Sumou stated that the second contract is for the development of the Dammam Stadium project, at SAR 29.57 million. The contract duration is 33 months, starting from the date of site handover.

 

The company expects the two projects to have a positive impact on its financial results from the date of site handover, clarifying that there are no related parties involved, the statement added.