Asset manager Sedco Capital partnered with Sumou Investment to establish five real estate investment funds totalling over SAR 8 bn, Sedco said in a post on LinkedIn. The funds will be launched to support infrastructure, mixed-use towers, and multi-purpose developments in Riyadh, Jeddah, Makkah, and Madinah, Argaam reports.

Sumou Investment has another real estate fund in the works, with Sumou Real Estate Company, Sumou Global Investment, and Al Jazira Capital set to establish real estate funds to acquire and develop lands in the Kingdom under an agreement they signed last month. The fund will develop a 414.3k sqm plot in Riyadh where 800 residential units. It will also take over plots spanning 48.2k sqm in Dammam and 8.9k sqm in Khobar from Sumou Real Estate to develop a SAR 2 bn project.

Sedco is also on a roll: Sedco Capital secured the Capital Market Authority’s approval for the public offering of its Saudi Freestyle Artificial Intelligence Fund. The firm is also planning a SAR 180 mn real estate investment fund for a hospitality project with Rikaz Real Estate and Mishal Abdullah Al Rajhi Group. This follows the launch of its IPO fund in August, and a Shariah-compliant multi-asset fund in May targeting SAR 1 bn in AUM.

ALSO FROM SUMOU- Sumou Real Estate Company lined up a SAR 130 mn Sharia-compliant loan with Saudi Awwal Bank to back the development of 1.1k residential units and infrastructure works in Yanbu Industrial City by issuing a bank guarantee letter, according to a disclosure to Tadawul. The developments are part of a SAR 1.3 bn project between Sumou and Jubail and Yanbu Industrial Cities Services Company (Jabeen). The four-year facility is backed by receivables and a promissory note.

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