Sumou Real Estate signs agreement with Sumou Holding to develop Hittin Project in Dhahran

Sumou Real Estate Co.’s headquarters

Sumou Real Estate Co. signed an agreement to develop 302,000 square meters (sqm) of land on Abqaiq Road in Dhahran (Hittin Project), the firm said in a statement to Tadawul today, Sept. 27.

The agreement was signed with Sumou Holding Co., a related party.

According to the agreement, Sumou Real Estate will manage the development, execution, and marketing for a fee of SAR 14.85 million. The fee will be paid on a quarterly basis during the agreement period of 12 months, starting from the date of issuance of the off-plan sale license.

The agreement is expected to have a positive financial impact on the company's revenues and results in the coming period, the statement said.