Sumou inks SAR 305 mln agreement with NHC for Al-Aali project in Dammam

Sumou Real Estate Co.

Sumou Real Estate Co.  signed, on Sept. 27, an agreement with National Housing Co. (NHC) to develop Area Apt. Zone 4A & 4B of Al-Aali project in Dahiyat Al Wajihah, Dammam, for a total of SAR 305 million. 

The project spans over an area of 72,920 square meters, and includes building residential units, the company said in a bourse statement, indicating that construction works will begin from the next day after receiving the land from NHC. 

The project will be primarily financed based on off-plan sales and partially on equity, Sumou added, expecting that the project will be delivered with in 36 months from the day following the agreement signing. 

The deal is expected to have a positive impact on the company's results after the issuance of the off-plan sale license and the start of sale and implementation, the developer noted. 

No related parties are included in the deal.