Sumou signs contract to lease, invest in Al Shabab Saudi Club’s land in Riyadh

13/04/2022 Argaam
Sumou Real Estate headquarters

Sumou Real Estate headquarters

Sumou Real Estate Co. signed, on April 12 a long-term lease contract with Al Shabab Saudi Club to lease and invest in the club’s land located on King Fahd Road and Olaya Road (commercial area), Riyadh.

 

The land, which spans 42,972 square meters (sqm), was leased to establish commercial, residential and entertainment projects, hotels, etc. for a period of 25 years at an annual lease value of SAR 19.30 million, the developer said in a bourse statement.

 

The financial impact of the agreement is expected to appear on the company’s financial statements and balance sheet, upon receiving the project site.

 

There are no related parties to the deal, the company added.

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