Riyadh – Mubasher: Sumou Real Estate Company has signed a long-term rental contract worth SAR 19.30 million with Al Shabab Saudi Club for a land plot located on King Fahd Road and Olaya Road in Riyadh city.

Upon the 25-year contract, the Saudi listed firm will develop hotels as well as commercial and residential projects in the area that is spanning 42,972 square metres, according to a bourse disclosure on Wednesday.

Moreover, the company expects that the lease agreement would reflect on its financials, starting from receiving the project site.

It is worth noting that Sumou Real Estate penned a development agreement with Sumou Holding Company at a value of SAR 7 million last March.