Sumou to build $17mln commercial projects in Saudi Arabia
Sumou Real Estate Company has signed two development contracts with the Saudi Railway Company (SAR) valued at 64.4 million Saudi riyals ($17.17 million).
The first contract is to develop the Al-Malaz commercial project in Riyadh at the cost of SAR 34.87 million within 26 months of receiving the site, the company said in a statement to the Saudi stock exchange on Thursday.
In a separate filing, the company said the second contract is to develop the SAR 29.57-million Arina commercial project in Dammam within 33 months of receiving the site.
The two projects are expected to positively impact the developer's financial results, the statements said.
(Editing by Anoop Menon) (anoop.menon@lseg.com)
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