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The projects will be developed in Riyadh and Dammam Sumou Real Estate Company has signed two development contracts with the Saudi Railway Company (SAR) valued at 64.4 million Saudi riyals ($17.17 million). The first contract is to develop the Al-Malaz commercial project in Riyadh at the cost of SAR 34.87 million within 26 months of receiving the site, the company said in a statement to the Saudi stock exchange on Thursday. In a separate filing, the company said the second contract is to develop the SAR 29.57-million Arina commercial project in Dammam within 33 months of receiving the site. The two projects are expected to positively impact the developers financial results, the statements said. |
