Friday 2 December 2022

Sumou seals major Riyadh infrastructure development deal

RIYADH, October 3, 2022

Sumou Real Estate Company, a leading developer in Saudi Arabia, has announced that it has signed a key infrastructure development agreement with Adeer Asar Real Estate Company for a plot of land in capital Riyadh which is spread over a 3 million sq m area.
As per the deal which was signed yesterday (October 2), Sumou Real Estate company will be offered 8% of the total project costs as development fees, stated the company in its filing to the Saudi bourse Tadawul.
On its financial impact, Sumou said the project is expected to have a positive impact from date of signing the agreement. The work is due for completion by mid-2025, it added.-TradeArabia News Service 


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