Sumou Real Estate signs contract to develop 213,000 sqm of raw land

13/12/2020 Argaam

Sumou Real Estate Co. signed, on Dec. 10, an 18-month contract with AWJ Development and Real Estate Investment to develop 213,000 square meters (sqm) of raw land in the Eastern Province.

 

The company said in a bourse statement that the deal does not have a specific value, as Sumou will receive a portion of the developed land sales in exchange for bearing the costs of implementing and developing the project.

 

Under the contract, AWJ grants Sumou the right to develop the project's infrastructure on its own account during the term of the contract.

 

The financial impact of this contract will be positive after the end of the development work and the sale of the developed plots, Sumou stated, adding that there are no related parties in the contract.

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