Sumou Real Estate gets off-plan sale license for project in Dammam

Sumou Real Estate Co.’s headquarters

Sumou Real Estate Co. obtained, on May 21, an off-plan sale license No. 193 for Sahab Project’s land development and marketing in Dammam, the company said in a statement on Tadawul.

The percentage of completion achieved in the project until the issuance of the off-plan sale license is 20.69%, the statement added.

In March 2022, Sumou Real Estate signed a development and marketing agreement for a 415,967 square meter (sqm) land plot in Dammam, with Sumou Holding Co. (a related party), according to data compiled by Argaam.

Under the agreement, the company manages the development and marketing for a fee of SAR 7 million, to be paid on a quarterly basis during the agreement period of 18 months starting from the date of issuance of the off-plan sale license.