Sumou Real Estate Announces Sale of Tanal Project Parts for SR250 mln

Sumou Real Estate Company announced on Thursday that it has received a letter on 30.03.2023 from Tanal Real Estate Development and Investment Company – An associate company- stating that parts of the Tanal project lands have been sold which is located in Riyadh city with an area of 151,468 sqm with amount of SR249,922,200.

Title deed transfer process has started and Sumou Real Estate Company owns 10% of Tanal Real Estate Development and Investment Company.

“It is expected that the positive financial impact of these sales on the profits of the Company will appear during the first half of the current year 2022”, the company concluded.