Egypt's MIDAR, Saudi's Sumou partner on $1.4bln Boulevard project in East Cairo
Speaking to Zawya Projects, Ayman ElKousey, CEO and Managing Director of MIDAR, said the 60-acre project will be developed at a total investment of 70 billion Egyptian pounds ($1.4 billion).
Covering an area of 5,200 acres, Mostakbal City is MIDAR's first master development.
ElKousey added that 26 developers are currently executing projects within MIDAR's approximately 11,000-acre land holding in East Cairo, which also includes its second master development MADA City, spanning 5,800 acres.
He said the company is targeting $7 billion in investments within its developments in the near future.
In January 2025, MIDAR had inked a $2 billion strategic agreement with Sumou Investment, Adeer International, and Hassan Allam Properties to develop hospitality and leisure projects across premium Nile-front locations and within MIDAR's cities.
ElKousey said Adeer International and Paragon Developments will establish a joint venture to lead the development of the new project. Adeer entered the Egyptian market in 2023 with the launch of 'Adeer Plaza' and established strategic partnerships with Hassan Allam Properties, Mili, and Paragon.
(1 US Dollar = 49.07 Egyptian pounds)
(Reporting by Eman Hamed; Additional writing by Marwa Abo Almajd; Editing by Anoop Menon)
(anoop.menon@lseg.com)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Business
35 minutes ago
- Gulf Business
Dubai's JVC gets Dh150m boost from Nisus Finance and BNW Partnership
Image credit: Supplied photo Nisus Finance Investment Consultancy FZCO (NiFCO Dubai), a wholly owned subsidiary of This collaboration is poised to redefine the real estate experience in Dubai, offering enhanced opportunities for both investors and end-users. By combining Nisus Finance's expertise in capital deployment with BNW's robust market presence and project management capabilities, the partnership aims to set new standards in property development and sales. In line with this partnership, NiFCO Dubai recently launched the Nisus High Yield Growth Fund Closed-Ended IC, a Dubai International Financial Centre (DIFC) registered property fund. Incorporated under the laws of the DIFC and managed by Gateway Investment Management Services (DIFC) Limited, the fund serves as a vehicle for strategic real estate investment. Through its DIFC special purpose vehicle, NiFCO Holding 02 Ltd, the fund acquired Esplora, a premium residential building located in District 18 of Jumeirah Village Circle (JVC). Esplora is a 120,000 square foot development comprising 143 residential apartments and three retail units spread over G+3P+16 floors. The residential mix includes 48 studios, 63 one-bedroom apartments, and 32 two-bedroom apartments, designed to cater to a diverse range of residents. The building combines modern design with practical amenities, providing a high-quality living environment in a sought-after Dubai community. New joint venture to drive development, marketing and sales To maximise the potential of the acquired asset, BNW Developments and NiFCO Holding 02 Ltd have established a new company, BNW NiFCO Buying and Selling Real Estate LLC. This joint venture will oversee the development, marketing, and sales of the Esplora building, blending NiFCO's disciplined capital management with BNW's on-the-ground market expertise. Unlike traditional models where a developer simply sells off-plan projects, BNW plans to embed its core values into Esplora and future projects, ensuring elevated living standards and a seamless buyer experience. The partnership's combined strengths aim to accelerate sales velocity and deliver higher returns, benefiting both investors and homeowners. This approach promises to enhance the overall quality and readiness of homes available in the mid-income segment of Dubai's housing market. Consumer-first model for ready, quality homes in Dubai This partnership introduces a consumer-focused model designed to meet the growing demand for move-in-ready homes that offer immediate value and quality of life, particularly targeting middle-income families. The initiative moves away from the traditional off-plan property market, which is often marred by delays and uncertainties, to focus on completed, well-maintained residential assets. With additional assets worth approximately $200m currently under review for acquisition, Nisus Finance and BNW Developments plan to scale this model across Dubai and the broader UAE. This effort supports a larger real estate vision valued at around $1bn. By addressing the industry's challenge where only 45 per cent of projects are completed on time, the partnership ensures timely delivery, transparency, and robust secondary market activity. Amit Goenka, chairman and managing director of Nisus Finance Group, noted that the collaboration is 'creating an important roadmap to accelerate growth in the real estate sector by infusing capital, easing pressures on developers, and enabling faster sales and marketing.' Meanwhile, Ankur Aggarwal, founder and chairman of BNW Developments, praised the partnership's ability to 'drive strong uptake of projects' and looks forward to expanding the model in future developments. The collaboration notably enhances access to high-quality housing for mid-income families and provides investors with stable, income-generating properties that are ready to occupy. Combining institutional governance with local expertise, this partnership sets a new benchmark for trust, transparency, and impact-driven real estate development in the UAE.
Zawya
an hour ago
- Zawya
Egypt: Raya Contact Center's consolidated profits drop 94.17% YoY in H1 2025
Arab Finance: The consolidated net profits attributable to the shareholders of Raya Contact Center fell by 94.17% to EGP 141.049 million in the first half (H1) of 2025, as per the financial statements. The earnings were compared with EGP 242.046 million in H1 2024. Revenues hiked year-on-year (YoY) to EGP 1.318 billion at the end of June 2025 from EGP 1.261 billion. As for the standalone business, the net profits after tax plunged to EGP 33.464 million in the first six months of 2025 from EGP 178.089 million a year earlier. Basic and diluted earnings per share (EPS) shrank to EGP 0.15 from EGP 0.77, while the revenues increased to EGP 676.526 million from EGP 594 million. © 2025 All Rights Reserved Arab Finance For Information Technology Provided by SyndiGate Media Inc. (
Zawya
an hour ago
- Zawya
Ajman and Uganda discuss investment opportunities and the development of economic and commercial relations
H.E. Eng. Abdullah bin Mohammed Al Muwaiji, Chairman of the Ajman Chamber, met with H.E. Zaake Wanume Kibedi, Ambassador of the Republic of Uganda to the UAE, to discuss opportunities for mutual investment, strengthening economic relations, and increasing bilateral trade between Ajman and Uganda. The meeting took place at the Ajman Chamber headquarters and was attended by H.E. Salem Al Suwaidi, Director General of Ajman Chamber, AAisha Al Nuaimi, Director of the Investment and Business Promotion Department, and a delegation from the Embassy of the Republic of Uganda. H.E. Abdullah Al Muwaiji emphasized the Ajman Chamber's commitment to building bridges of cooperation and communication with all nations in order to strengthen economic and commercial ties, support the business environment in the emirate, and attract investments across various sectors. He further praised Uganda's agricultural potential, its high-quality food industries, and its textile and other industries, which can pave the way for partnerships and cooperation between investors from both countries. A comprehensive presentation was given on investment opportunities in Ajman, highlighting the emirate's key features, including its strategic location, developed infrastructure, ease of doing business, and the seamless integration of government services. The presentation also shed light on promising investment sectors such as industry, tourism, construction, real estate, education, health, and services. The meeting concluded with a recommendation for joint meetings between business owners and investors from both countries to facilitate the exchange of expertise and explore potential partnerships. Discussions also covered the possibility of signing memorandums of understanding with Ugandan chambers of commerce to enhance trade exchange and diversify cooperation. The aim is to open new horizons that support economic development and achieve mutual interests. Ugandan investors were also invited to visit Ajman and explore investment opportunities in the Ajman Free Zone, Al Zorah area, and other key sectors. For his part, H.E. Zaake Wanume Kibedi, Ambassador of the Republic of Uganda to the UAE, expressed his appreciation for the Ajman Chamber's efforts to strengthen economic relations. He praised the emirate's diverse advantages and its attractive investment environment. He affirmed his country's commitment to expanding cooperation in trade, industry, and services to boost trade volume and support partnerships between the business communities in Uganda and Ajman. He also extended an invitation for the Ajman Chamber to participate in the Uganda-UAE Business Forum, scheduled for October in Kampala, Uganda. At the conclusion of the meeting, H.E. Abdullah Al Muwaiji, exchanged shields and souvenirs with H.E. Zaake Wanume Kibedi.
