Saudi Arabia’s Sumou Real Estate Co. has signed an agreement with state-owned National Housing Company (NHC) to develop housing units in Al-Aali project in Dahiyat Al Wajihah, Dammam, for 305 million Saudi riyals ($81.02 million).

Construction will commence the next day after receiving the land from NHC, which covers an area of over 72,924 square metres in the project’s zone 4A and 4B, the company said in a statement to the Saudi stock exchange.

The project is expected to be completed in 36 months. It will be financed through off-plan sales and equity.

In August, NHC signed agreements with four real estate companies to develop housing projects in Dammam and Qatif governorates.

The agreements were signed with Tilal Real Estate Company, Sumou Real Estate Company, Maya Real Estate Development and Investment Company, and Tamkeen Real Estate Development Company for the second phase residential project in the Al-Wajiha suburb in Dammam.

(Writing by D Madhura; Editing by Anoop Menon)