Sumou Real Estate Co. headquarters
Sumou Real Estate Co. signed, on Oct. 2, an infrastructure development agreement with Adeer Asar Real Estate Co. for an over three million square meter-land plot in Riyadh.
The agreement is valid for 30 months from the signing date, Sumou said in a statement to Tadawul.
The Nomu-listed company will receive development fees at 8% of the project’s total cost.
The project is expected to have a positive impact on the company starting from the agreement date, Sumou added, noting that Adeer is a related party.
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