Sumou signs SAR 130M credit facility with SAB

Sumou Real Estate Co. headquarters

Sumou Real Estate Co. signed a Shariah-compliant facility worth SAR 130 million with Saudi Awwal Bank (SAB), according to a Tadawul statement.

The facility is intended to issue a bank guarantee letter in accordance with the contract signed between Sumou and Jubail and Yanbu Industrial Cities Services Co. (JABEEN).

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The 48-month facility was obtained on Feb. 4, the statement noted, adding that the guarantees provided are the assignment of project receivables and a promissory note.

There are no related parties to the deal, the statement added.

In July 2024, Sumou signed a contract with JABEEN to develop primary and secondary infrastructure works, and, design and build 1,104 residential units in Yanbu Industrial City, Argaam data showed