Egypt: Adeer-PARAGON alliance teams up with MIDAR for $1.4bln development project
The strategic partnership support expanding investment cooperation between Egypt and Saudi Arabia.
With investments exceeding EGP 70 billion, the scheme will span over 500,000 square meters in Mostakbal City, becoming the city's largest mixed-use project to date.
In line with modern development trends shaping Egypt and the wider region, the project will seamlessly integrate administrative, commercial, and hospitality components.
Commenting on the occasion, Bedeir Rizk, CEO of PARAGON, highlighted: '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, stated: '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 partnership between Adeer and PARAGON.
The mixed-use development project sets a new approach to joint real estate development that unites the expertise of leading entities from both Egypt and Saudi Arabia. It also reshapes the developments plans, advancing toward building cities that are more balanced, blending sustainability, innovation, and evolving urban needs.
In his recent meeting with Prime Minister Mostafa Madbouly, Sumou Holding's Chairman Ayaedh Al Qahtani rolled out plans to establish the first real estate fund in Egypt.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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