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Saudi Arabia’s Kingdom Holding Co. (KHC) said its subsidiaries have signed an agreement with Sumou Real Estate Co. to manage the development, marketing and sale of a parcel of land in Riyadh that is expected to generate around SAR 4 billion ($1.06 billion) in total sales.
Under the agreement, Kingdom Real Estate Development Co. and Trade Center Co. appointed Sumou as the exclusive development manager for the 3.07 million square metre plot, the Tadawul-listed KHC said in a bourse statement.
The project will be executed over 36 months, beginning after the masterplans receive approval from the relevant authorities. In a separate bourse disclosure, Sumou said it will receive 6.5% of the total infrastructure development costs and 2.5% of the project sales, along with the brokerage commission paid by the buyers.
KHC said the agreement forms part of its long‑term approach to its Riyadh landbank, which originally covered about 20 million square metres and has been developed progressively in phases.
(Writing by Brinda Darasha; editing by Seban Scaria)
