Sumou Real Estate Company announces signing of development agreement for Dahiyat Al Fursan project with National Housing Company in Riyadh City

Sumou Real Estate Company announces signing of development agreement for Dahiyat Al Fursan project with National Housing Company in Riyadh City

|Element List||Explanation|

|Introduction||Sumou Real Estate Company announces signing of development agreement for Area No. 1/B of Dahiyat Al Fursan 1 & 2 on the lands allocated to Sumou Real Estate Company from the National Housing Company in Riyadh with area of 82,482.66 m2, to build residential units|

|Project Start Date||From the next day after receiving the land from the National Housing Company|

|Project Cost||403 Million|

|Financing method for the project||The project will be financed based on off-plan sales and partially on equity|

|Expected completion date of the project||42 months from the effective date|

|Expected Impact on the Company’s Financial Results||The project is expected to have a positive impact on the company's results at the start of sale and implementation.|

|Expected Date on Which the Impact on the Financial Results of the Company will Start||After the issuance of the off-plan sale license and the start of sale and implementation.|

|Expected Date for the Pilot Production of the Project to Begin||N/A|

|Duration of the pilot production of the project||N/A|

|Expected date for the commercial production of the project||N/A|

|Executing Party/Counter Party in the Project/Contract||National Housing Company|

|Related Parties||No|

|Additional Information||N/A|