Sumou Real Estate secures master contract for residential development in Yanbu Industrial City
(MENAFN) Sumou Real Estate Company announced a significant milestone on Wednesday, disclosing a contract valued at 1.3 billion riyals (USD346.54 million) with Jubail and Yanbu Industrial Cities Services Company (JIBIN). The contract, detailed in a statement to the Saudi Stock Exchange, pertains to the development of primary and secondary infrastructure and the construction of 1,104 fully integrated residential units in Yanbu Industrial City.
According to Sumou, the project encompasses comprehensive residential solutions equipped with essential services and facilities, aiming to enhance the residential landscape within Yanbu Industrial City. The contract came into effect immediately upon signing and is slated for a 36-month development and implementation period, commencing from the date of purchase contract execution with the industrial entities.
Sumou Real Estate Company anticipates a positive impact on its financial performance right from the initiation of development and implementation activities for this ambitious residential project. The endeavor not only underscores Sumou's strategic expansion into residential development but also signifies a significant investment in enhancing urban living infrastructure in Yanbu Industrial City, aligning with broader regional development objectives.
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