Riyadh – Mubasher: Sumou Real Estate Company has signed an agreement worth SAR 44 million with Sumou Holding Company on 9 February.

The contract covers the infrastructure development, execution, and maintenance of a land plot spanning 1.58 million square metres in Dammam City, according to a bourse disclosure on Thursday.

Sumou Real Estate noted that the contract value, including construction cost and development fees, will be paid over the four-month agreement period from the date of its signing.

The development contract is expected to reflect positively on the listed company’s financial results and revenues during 2022.

Last December, Sumou Real Estate had inked SAR 20.71 million construction contract for a project in Mecca.