Sumou Real Estate signs SAR 29.5 mln technical services agreement with Asmo Real Estate

31/10/2021 Argaam

Sumou Real Estate Co.’s headquarters

Sumou Real Estate Co. signed on Oct. 28, a technical services agreement with Asmo Real Estate Development Co. (a related party), for a fee of SAR 29.5 million, according to a bourse filing.

 

According to the four-month agreement, Sumou will provide technical services for Asmo Towers project located in Jeddah.

 

The fee will be paid in installments starting from the date of signing of the agreement.

 

The agreement is expected to have a positive financial impact on the company's results and revenues as of 2021.

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