Sumou Real Estate Co., Saudi Arabia announced in a statement that it has signed a development agreement for Area Apt Zone 4A,4B of Al-Aali project in Dahiyat Al Wajihah on the land plots allocated to it by the National Housing Co. (NHC) in Dammam, to build residential units.

In a statement to Tadawul, the Sumou said the land plots span nearly 72,923.95 square meters (sqm) and the project will start the day after NHC hands over the land plots.

The cost of the project is SAR 305 million, and it will be financed based on off-plan sales and partially on equity.

According to the developer, the project is expected to have a positive impact on Sumou’s results after the issuance of the off-plan sale license and the start of sale and implementation.

The duration of the project is 36 months.