Saudi-based Sumou Real Estate has reached an agreement with Jubail & Yanbu Services Company (Jabeen) for the design and construction of 1,104 residential units in Yanbu Industrial City at a total investment of SAR1.3 billion ($346 million).
As per the deal, the company will also develop primary and secondary infrastructure works at Yanbu Industrial City, said Sumou Real Estate in its filing to Saudi bourse Tadawul.
This comes in accordance with contracts for purchasing residential units to be signed between Jabeen - the investment arm of Royal Commission for Jubail and Yanbu - and the industrial companies through the housing ownership program of those companies, it stated.
The entire contract work will be completed within a three-year period starting from the date of signing the purchase contracts with industrial companies, stated Sumou Real Estate.
The project is likely to have a positive impact on the company’s results starting from the beginning of the development and implementation work on the project, it added.-TradeArabia News Service