Sumou Real Estate to manage Al-Danat Resort’s infrastructure development, marketing

08/12/2021 Argaam

A building of Sumou Real Estate Co.

Sumou Real Estate Co. signed an agreement with First Gulf Real Estate Co. to manage the infrastructure development and marketing of the Al-Danat Resort project in Al Khobar, the company said today, Dec.8, in a bourse filing.

 

The project spans an area of more than 1 million square meters (sqm).

 

Under the 36-month contract, Sumou will obtain a fee of 10% of the total development cost starting from the issuance date of the off-plan sale license.

 

This agreement is projected to have a positive financial impact on Sumou’s results and revenues, starting from the issuance of the off-plan sales license.

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