Sumou Signs Contract to Lease Land of Al Shabab Club, with Rental Value of SR19.3 mln

Sumou Real Estate company announced on Wednesday signing a long-term leasing contract with Al Shabab Saudi Club on 12.04.2022 for the purpose of leasing and investing the club’s land located on King Fahd Road and Olaya Road (Commercial area), Riyadh city with an area of 42,972 sqm for the establishment of commercial, residential projects, hotels, etc. for a period of 25 years at an annual rental fee of SR 19,300,000, there are no related parties in the contract.

The financial impact of the agreement is expected to appear on its financial statements, especially on the balance sheet, starting from receiving the project site.