Saudi: Sumou Real Estate Secures $34.6mln Loan From SAB

Riyadh: Sumou Real Estate Company inked a credit facilities agreement with Saudi Awwal Bank (SAB) at an amount of SAR 130 million.

The financing is valid for 48 months starting from 4 February 2025, according to a bourse filing.

The company will use the loan to issue a bank guarantee letter under the contract signed with the Jubail and Yanbu Industrial Cities Services Company (Jabeen) at SAR 1.30 billion.

The agreement covers developing essential and secondary infrastructure works, as well as designing and constructing 1,104 residential units in Yanbu Industrial City.