Sumou Real Estate Co. has signed a 25-year contract with the Al Shabab football club in Saudi Arabia to develop the club’s commercial land in Riyadh.
The contract is for the purpose of leasing and investing the club’s land located on King Fahd Road and Olaya Road with an area of 42,972 square meters for the establishment of commercial, residential projects, hotels, it said in a bourse filing.
Sumou will pay an annual rental fee of SR19.3 million and the financial impact of the agreement is expected to appear on its financial statements starting from receiving the project site, it added.