Egyptian master developer MIDAR (Midar for Investment and Urban Development) has signed a revenue-sharing agreement with Saudi Arabia’s Sumou Investment, represented by its subsidiary Adeer International, to co-develop a mixed-use project named Boulevard in Mostakbal City, 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)

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