An Egyptian-Saudi joint venture has officially launched the Sumou Boulevard mixed-use development in New Cairo with total investments estimated at 70 billion Egyptian pounds ($1.4 billion).

The project, located in Mostakbal City, is being developed by Paragon-Adeer, a joint venture between Egypt’s Paragon Developments and Saudi Arabia’s Adeer International, the investment arm of Sumou Holding, which was established last year to develop large-scale mixed-use projects in Egypt.

The mixed-use project will span more than 500,000 square metres (sqm), integrating office, retail and hospitality components, and be implemented in phases

In July 2025, MIDAR, the master developer of Mostakbal City and Sumou Holding had signed a development agreement worth EGP 70 billion for the city’s largest mixed-use project to date.

Abdulrahman bin Ayed Al-Qahtani, Managing Director of Sumou Investment, said Egypt offers strong fundamentals for regional real estate investment.

Baseel El Serafy, Vice Chairman of Paragon | Adeer, said the partnership combines diverse expertise of both parties to create projects designed to deliver long-term economic value.

He added that the Egyptian real estate sector is expected to grow from about $20 billion to more than $33 billion by 2029.

In January 2025, MIDAR had signed a strategic agreement worth $2 billion with Sumou Investment, Adeer International and Hassan Allam Properties to develop hospitality, residential and leisure projects across premium locations within MIDAR-developed cities, and the Nile-front.

(1 US Dollar = 51.84 Egyptian pounds)

(Writing by Marwa Abo Almajd; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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