Saudi-based Sumou Real Estate Company has announced the signing of a development and marketing agreement for Areen project at Al Khobar city in the kingdom's Eastern Province.

 

As per the deal signed with Adeer Holding Company and Adeer Real Estate Company, Sumou will  construct a total of 251 residential villas within the Areen project, said the developer in its filing to the Saudi bourse Tadawul. 

 

In return, Sumou real estate will receive as fee a 10% of the total development cost to be paid during the agreement period (30 months) starting from the date of issuance of the off-plan sale licence.

 

The impact of this agreement on company’s result and revenues is expected to be positive, starting from the date of issuance of the off-plan sale licence, it added.