Sumou Signs Agreement of Development and Marketing of Land in Dammam for SR7 mln

Sumou Real Estate Company announced on Wednesday the signing of development and marketing agreement for a land located in Dammam City with an area of (415,967) m2 with Sumou Holding Company (a related party).

According to the agreement, the company will manage the development and marketing in return for a fee amounting to (SR 7,000,000), which will be paid on a quarterly basis during the agreement period of 18 months starting from the date of issuance of the off-plan sale license.

The company expected that this agreement will have a positive financial impact on the company’s revenues during the coming period.