| Element List |
Explanation |
| Introduction |
Sumou Real Estate co. announces signing a development management agreement for land located in Corniche Alkhobar with Sumou Holding Company |
| Date of Announcement of the Award |
2021-03-23 Corresponding to 1442-08-10 |
| Contract Subject Matter |
Signing contract to develop raw land in Corniche Alkhobar |
| Date of Signing the Contract |
2021-03-23 Corresponding to 1442-08-10 |
| Contract Value |
8% of the project cost to - the extend of Sumou Holding Company share in the land- as management and supervision fees. |
| Contract Details |
development management agreement for land located in Corniche Alkhobar with Sumou Holding Company “Related Party” the owner of 1/3 of the land (2,180,220) m2. As per the agreement, Sumou Real Estate will be managing & supervising the development of the project and in return, the company will receive 8% of the project cost as a development fees pro-rata to Sumou Holding Company share in the land. The development fees will be paid to Sumou Real Estate on a quarterly basis |
| Contract Duration |
Approximately two Years and half from the date of signing the contract |
| Financial Impact and the Relevant Period |
The impact of this agreement on the company’s result and revenues is expected to be positive effective from the first half of current year 2021. |
| Related Parties |
Sumou Holding Company |
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