Sumou inks SAR 1.3B infrastructure development contract

Sumou Real Estate Co. signed, on July 2, a contract with Jubail and Yanbu Industrial Cities Services Co. (JABEEN) to develop primary and secondary infrastructure works in addition to designing and constructing 1,104 residential units in Yanbu Industrial City, according to a statement to Tadawul.

The contract, valued at SAR 1.3 billion, is part of the deals signed by JABEEN with other industrial companies to buy residential units through the housing ownership program.

The contract, effective from the signing date, will last for 36 months for development and implementation.

The project will have a positive impact on the company’s results starting from the beginning of the development and implementation work on the project.

The project has no related parties, the statement added.