Riyad - Mubasher: Sumou Real Estate Company has inked a development and marketing agreement with Adeer Holding Company and Adeer Real Estate for Areen project.

The Saudi listed company will build and sell 251 residential villas for the project that is located in Al Khobar, according to a bourse filing on Tuesday.

Sumou Real Estate will receive 10% of the total development cost that will be paid during the agreement duration.

The 30-month agreement will be effective from the date of issuing the off-plan sale licence.