Cairo – Mubasher: Adeer International, a subsidiary of the Saudi Sumou Holding Group, has teamed up with Egyptian real estate firm PARAGON Developments in a strategic partnership that underscores both companies’ commitment to strengthening investment cooperation between the two countries.
Being a major collaboration with MIDAR, the master developer of Mostakbal City, the agreement was signed to develop the city’s largest mixed-use project to date which spans more than 500,000 square meters and is backed by investments exceeding EGP 70 billion, according to a press release.
The development is constructed as a smart, sustainable urban community to integrate administrative, commercial, and hospitality components, aligning with modern development trends shaping Egypt and the wider region.
The CEO of PARAGON Developments, Bedeir Rizk, said: “This partnership marks an evolution of our regenerative development philosophy, one that aims to build smart and sustainable urban ecosystems that blend work, living, and culture into a holistic urban experience.”
Rizk added: “Through this strategic alliance with visionary partners backed by robust investment strength, we are shaping a new development model capable of redefining the relationship between people and place in response to the rapidly shifting dynamics of urban development in Egypt and the region.”
From his side, Bassel El Serafy, Global CEO of Adeer International, stated: “This upcoming project is not merely a transformational real estate development; it’s the embodiment of a long-term strategic vision aimed at redefining contemporary living in Egypt through smart infrastructure and a fully integrated, sustainable lifestyle.”
El Serafy concluded: “The launch of this joint entity reinforces Sumou Holding Group’s commitment to impactful Saudi-Egyptian partnerships, knowledge transfer, and the delivery of a flexible urban model that aligns with the aspirations of future generations and the sustainable development goals of both countries.”
This collaboration builds on a longstanding relationship between Adeer International and PARAGON. Meanwhile, the current project represents a key milestone in this partnership, advancing a new approach to joint real estate development that unites the expertise of leading entities from both Egypt and Saudi Arabia.
