Sumou Real Estate Co. Announces an update on Sumou Real Estate Company announces signing of infrastructure Development agreement for a land in Jeddah City with area of 707,254 sqm with Baitek Real Estate Company

Element List	Explanation
Introduction	With reference to Sumou Real Estate Company’s announcement published on the Tadawul on 23/03/1446H, 26/09/2024G, regarding the signing of an infrastructure development management contract with Baitek Real Estate Company for a 707,254 m² plot of land in Jeddah on 25/09/2024G, 22/03/1446H.

Sumou Real Estate Company announces that ownership of the project land has been transferred from Baitek Real Estate Company to Sumou Holding Company, a related party. As a result, the previous agreement with Baitek Real Estate Company was terminated, and Sumou Real Estate Company’s entitlements for the elapsed period under that agreement were settled. In addition, a new development agreement was signed with the new owner, Sumou Holding Company, on 22/11/1447H, 09/05/2026G. Under this agreement, Sumou Real Estate Company will receive development management fees of SAR 10,255,138, will be due in quarterly installments over a 24-month term starting from the date of issuance of the project’s off-plan sales license.

The agreement is expected to have a positive financial impact starting from the date of issuance of the project’s off-plan sales license. Previous Announcement Sumou Real Estate Company announces signing of infrastructure Development agreement for a land in Jeddah City with area of 707,254 sqm with Baitek Real Estate Company Date of Previous Announcement on Saudi Exchange’s Website 2024-09-26 Corresponding to 1446-03-23 Hyperlink to the Previous Announcement on the Saudi Exchange Website Click Here Latest Developments Of The Announced Event Sumou Real Estate Company announces that ownership of the project land has been transferred from Baitek Real Estate Company to Sumou Holding Company, a related party. As a result, the previous agreement with Baitek Real Estate Company was terminated, and Sumou Real Estate Company’s entitlements for the elapsed period under that agreement were settled. In addition, a new development agreement was signed with the new owner, Sumou Holding Company, on 22/11/1447H, 09/05/2026G. Under this agreement, Sumou Real Estate Company will receive development management fees of SAR 10,255,138, will be due in quarterly installments over a 24-month term starting from the date of issuance of the project’s off-plan sales license.

The agreement is expected to have a positive financial impact starting from the date of issuance of the project’s off-plan sales license. Reasons For The Delay on The Date of The Event Previously Announced N/A The costs associated with the event, and if they have changed or not with indication of the reasons. N/A Delay consequences on the Company’s financial results N/A Additional Information N/A

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