Riyadh – Mubasher: Sumou Real Estate Company has signed a contract worth SAR 7 million with Sumou Holding Company for a land plot located in Dammam City.

Upon the agreement, the listed company will manage the development and marketing of the area that is spanning 415,967 square metres, according to a bourse disclosure on Wednesday.

Sumou Real Estate noted that the development fees will be paid on a quarterly basis over 18 months, adding that the agreement is forecast to reflect positively on its revenues in the coming period.

Last February, the Saudi listed firm inked an agreement with Sumou Holding at a total value of SAR 44 million.