Riyadh – Mubasher: Sumou Real Estate Company has inked a SAR 540 million development agreement for Area No. 2 of Abyar Ali project (Al Samiya residential project) with the National Housing Company in Madinah.

Under the deal, Sumou will build up to 507 villas on the allocated lands that span an area of 128,74 square metres, according to a bourse statement on Monday.  

The project is expected to complete in 42 months from the effective date and will be financed based on equity and off-plan sales.

Moreover, the project is forecast to reflect positively on the company's results, Sumou said, adding that it will announce details of the financial impact and project developments in the coming period.