Adeer International, a subsidiary of Saudi Arabia’s Sumou Investment with operations in the Kingdom and Egypt, is leading a consortium with Egyptian developers to build a $2 billion hospitality project in downtown Cairo as part of a broader Saudi-Egypt investment push, CEO Bassel Al-Serafy said.

In an interview with Zawya Projects, Al-Serafy said the consortium — comprising Sumou Investment, Adeer International, MIDAR, and Hassan Allam — signed project development agreements in February 2025 for a 300,000 square metre (sqm) project that will feature six hotels. Further details are expected to be announced next month.

In July 2025, MIDAR signed a revenue-sharing agreement with Sumou Investment, through Adeer International, to co-develop the 60-acre mixed-use ‘Boulevard’ project in East Cairo’s Mostakbal City at an estimated investment of 70 billion Egyptian pounfs ($1.5 billion).

Egypt strategy

Al-Serafy said Sumou Investment is targeting $3 billion of investments in Egypt over 2026–2027, including the launch of a $1 billion real estate fund in the second half of 2026.

“Sumou already controls about 60 percent of Saudi Arabia’s real estate funds and aims to replicate its model in Egypt,” he said,

Al-Serafy added that Adeer International intends to list on the Egyptian Exchange by 2030, adding that the company’s activities span investor attraction, cross-border investment facilitation, joint venture and investment portfolio management, and real estate asset management and marketing.

Saudi pipeline

Adeer is also exploring opportunities for Egyptian developers in the Kingdom. The company will work with Hassan Allam to launch the latter’s Riyadh project, and is assessing two plots for mixed-use developments — one spanning 2 million sqm and the other 450,000 sqm — with announcements expected by year-end.

Al-Serafy said Melee Development, in partnership with Adeer, is also planning to build two sports clubs in Riyadh and two in Khobar by the first quarter of 2026.

Sumou and investors aligned with Adeer own 25 million sqm of prime land in Makkah al-Mukarramah.

(1 US Dollar = 48.14 Egyptian Pounds)

(Reporting by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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