Saudi Downtown Company (SDC) , has signed an agreement with Sumou Investment Company to explore the establishment of a real estate fund to develop five- and four-star hotels and serviced hotel apartments within its Downtown Al Khobar project.

A wholly-owned subsidiary of Saudi Arabia's Public Investment Fund (PIF), SDC was established in 2022 mainly to develop modern, mixed-use downtown areas and commercial destinations across 12 Saudi cities as well as boost local economies, support non-oil GDP growth, and improve the quality of life.

Spanning a total land area of roughly 10 million sq m across target cities, the Saudi PIF unit will focus on retail, entertainment, offices, housing, and hospitality sectors, it added.-TradeArabia News Service