Sumou Real Estate signs technical services deal to develop tower project in Jeddah for SR29.5 mln

Sumou Real Estate Company announced on Sunday the signing of an agreement with Asmo Real Estate Development Company (related party) to provide technical services for Asmo towers project located in Jeddah city

Sumou will receive a fee for its services of SR 29,500,000 to be paid in installments starting from the date of signing the agreement for the duration of four months

The impact of this agreement on the company’s result and revenues is expected to be positive effective from the current fiscal year 2021.