A Saudi-Egyptian consortium is planning to invest up to $1 billion to develop a real estate project in Downtown Cairo, according to a news report.

The joint venture includes Saudi Arabia’s Sumou Holding and Egypt’s Adeer International, Egyptian master developer MIDAR (Midar for Investment and Urban Development) and Hassan Allam Holding, Ashraq Business reported, quoting Ahmed Al-Hashemi, Chief Business Development Officer at Sumou Global Investment.

No other details of the project were revealed.

Egypt is seeking to capitalise on Downtown Cairo’s real estate market by offering vacated ministry buildings to the private sector. The government has relocated the operations of ministries to the New Administrative Capital (NAC).

UAE businessman Mohamed Alabbar has previously signalled plans to invest in Downtown Cairo, the report said.

In July 2025, Zawya Projects reported that MIDAR signed a revenue-sharing agreement with Sumou Investment, represented by its subsidiary Adeer International, to co-develop the $1.4 billion Boulevard mixed-use project in Mostakbal City, East Cairo.

 (Editing by Anoop Menon) (anoop.menon@lseg.com)

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