Sumou signs selling, marketing agreement for Al-Aali project in Dammam

Logo of Sumou Real Estate Co.

Sumou Real Estate Co. signed today, Dec. 1, a selling and marketing agreement with Adeer Real Estate Co. (a related party) for Al-Aali project in Dahiyat Al Wajihah, Dammam, according to a Tadawul statement.

The deal covers units spanning 72,923.95 square meters (sqm) of land allocated to Sumou from the National Housing Co. (NHC) for the project’s establishment.

Adeer Real Estate will receive 2.5% of the sold units' value, inclusive of the sales and marketing expenses, it added.

The agreement, according to Sumou, is effective as of today until the completion of selling units.

The project is expected to have a positive impact on the developer’s results upon the start of sale and implementation.