Sumou Real Estate Co. Announces Contract Sign Off with International for Modern Industries Company and Modern Trains Company.

2021-07-15 16:04:08

Element ListExplanation
Introduction Sumou Real Estate Company announces the signing of two construction contracts with International for Modern Industries Company and Modern Trains Company to construct, finish and deliver (412) residential villas in Khayala Housing Project (Dar Sumou) in Jeddah
Date of Announcement of the Award 2021-07-15 Corresponding to 1442-12-05
Contract Subject Matter Signing two Construction contracts for Khayala Housing Project (Dar Sumou) in Jeddah which the company is developing and implementing the project with the National Housing Company
Date of Signing the Contract 2021-07-15 Corresponding to 1442-12-05
Contract Value N/A
Contract Details Signing two construction contracts with the International Company for Modern Industries and the Modern Trains Company to construct, finish and deliver (412) residential villas in Khayala Housing project (Dar Smou) located in Jeddah, which is one of the superstructure projects that the company is developing and implementing with the National Housing Company with off plan sale and the value of the contracts exceeds 50% of the company's net assets
Contract Duration 24months from the date of signing the contract
Financial Impact and the Relevant Period The impact of this agreement on the company’s result and revenues is expected to be positive effective From the current year till end of the project.
Related Parties There are no related parties in this contract
Additional Information The company started to sign the two construction contracts and preparatory work for executing the project after receiving the project land from the National Housing Company.