Riyadh –  Sumou Real Estate Company penned an agreement with Jubail and Yanbu Industrial Cities Services Company (Jabeen) for a project valued at SAR 1.30 billion.

The two entities will develop primary and secondary infrastructure works in addition to designing and constructing 1,104 residential units in Yanbu industrial city, according to a bourse disclosure.

The contract is effective from the date of signing 2 July 2024, while the development and implementation period is 36 months.

It is expected that the project will have a positive impact on Sumou Real Estate’s results from the beginning of the development and implementation work on the project.

Last June, the listed company obtained the shareholders’ 33.33% capital hike to SAR 500 million from SAR 375 million.

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