On May 10, 2026, Sumou Real Estate Co. announced an update to its infrastructure development agreement for a 707,254 sqm land plot in Jeddah City. The project land ownership transferred from Baitek Real Estate Company to related party Sumou Holding Company, resulting in termination of the previous agreement and signing of a new development agreement on May 9, 2026. Under the new agreement, Sumou Real Estate will receive development management fees of SAR 10,255,138 payable in quarterly installments over 24 months starting from the project's off-plan sales license issuance date. The company expects the agreement to have a positive financial impact beginning from the license issuance date.

Original announcement:

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