Paragon-Adeer is targeting revenues of 100 billion Egyptian pounds ($1.9 billion) from its $1.4 billion Sumou Boulevard mixed-use development, located in Mostakbal City in New Cairo.

Sumou Boulevard is the first flagship project of Paragon-Adeer, a joint venture between Adeer International, the international investment arm of Saudi Arabia’s Sumou Investment and Egypt’s Paragon Developments.

The official launch was marked by a high-profile event on 19 April at the Grand Egyptian Museum, gathering the Minister of Supply, Sherif Farouk, as well as government officials, business leaders, investors, and prominent figures from across the region, the developer said in a press statement.

The first renderings of the project were showcased as part of the announcement,

Spanning over 500,000 square metres (sqm), the development features residential, commercial and hospitality components, including serviced and branded residences, offices, standalone headquarters, hospitality and lifestyle-driven retail.

Sumou Boulevard is positioned as the region’s first regenerative city-making development, anchored by a 2km boulevard and is designed as a ‘walkable’ project, the statement said.

It said the project includes an AI Campus as a core component with the first phase structured around AI & Innovation, Education, and Energy Efficiency. With Plug and Play as the technical partner, the project aims to foster collaboration between startups, corporates, and global networks.

During the event, Paragon-Adeer and Plug and Play signed a memorandum of understanding (MOU) with Schneider Electric for the launch of ‘AI 100’, a four-year strategic initiative designed to identify and develop 100 AI startups that will form the institutional nucleus of the Campus by 2030.

A second MoU signed by Paragon-Adeer and Plug and Play with Orange Egypt aims to reinforce the role of the AI Campus as a hub for connectivity and digital innovation within the project.

(Writing by SA Kader; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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