Saturday, May 26, 2012
BEIRUT (Zawya Dow Jones)--Saudi Arabia's Sumou Real Estate Co. has sold the 65 plots of land of its Sumou Avenue development in a public auction for 270 million Saudi riyals ($72 million), pan-Arab daily Asharq Al Awsat reports Saturday.
The Sumou Avenue covers an area of 333,000 square meters in Dammam city in eastern Saudi Arabia, the paper reports.
The plots of land can be used for the construction of residential buildings, offices, universities, hospitals, or hotels, as well as for mixed-use buildings, said Ayedh Al Qahtani, the company's chairman.
Newspaper website: http://www.aawsat.com//details.asp?section=6&issueno=12233&article=678948&feature=
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
26-05-12 0847GMT
