Riyadh – Mubasher: Sumou Real Estate Company signed a development agreement with Adeer Asar Real Estate Company for a land plot spanning more than 3 million square metres in Riyadh, according to a bourse filing.

The Saudi listed firm will receive 8% of the total project costs as development fees. Meanwhile, the contract holds a 30-month duration period from the signing date on 2 October 2022.

Sumou Real Estate expected that the project will reflect positively on its financial results as of the signing date.

In the end of September 2022, Sumou Real Estate and Adeer Real Estate inked a sales and marketing agreement for Area No. 1/B of Dahiyat Al Fursan 1 and 2.