04:09 AM EST, 11/02/2026 (MT Newswires) -- Sumou Real Estate (SASE:4323) agreed to develop two separate residential projects in Downtown Al Khobar, Saudi Arabia, with the Public Investment Fund, or PIF, unit Saudi Downtown Co. as part of PIF's Urban Development & Livability Ecosystem. The first deal covers mid-rise residential buildings, with Sumou to manage the development, execution, marketing, and sale of the project, according to a Monday filing. The second agreement includes a high-rise residential tower, with Sumou appointed as developer, contractor, and marketer of the project. Both agreements have 48-month terms. Saudi Downtown will provide the land as a contribution for both developments, while the real estate company will receive a 6.5% management fee, a 2% marketing and sales fee, and a 32% share of the project's net profits.

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