Sumou signs development, marketing deal to build and sell (251) villas in AlKhobar

Sumou Real Estate Company announces the signing of development and marketing agreement to build and sell (251) residential villas for Areen project in AlKhobar city with Adeer Holding company and Adeer Real Estate Company (related parties).

In return, Sumou real estate will receive a fee of (10%) of the total development cost to be paid during the agreement period of (30) months starting from the date of issuance of the off-plan sale license.

The impact of this agreement on company’s result and revenues is expected to be positive effective from the date of issuance of the off-plan sale license.