Sumou Real Estate signs agreement for Hittin project
The asset spans 302,000 square metres
Image used for illustrative purpose. Asian Labourers work at the construction site of a building in Riyadh, Saudi Arabia August 4, 2016.
REUTERS/Faisal Al Nasser
By Staff Writer, Mubasher
Riyadh – Mubasher: Sumou Real Estate Company has penned an agreement with Sumou Holding Company to develop a land plot located on Abqaiq Road in Dhahran, as part of Hittin project.
The asset spans 302,000 square metres, according to a bourse disclosure on Monday.
The listed firm will manage the development, execution, and marketing of the land in return for a fee amounting to SAR 14.84 million that will be paid on a quarterly basis during the 12-month agreement duration.
Sumou Real Estate expected the deal to positively reflect on the financial results of the coming period.
It is worth noting that Sumou Real Estate is listed and trading on the Parallel Market (Nomu) of the Saudi Exchange (Tadawul).
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