Saudi Arabia’s Sumou Holding and Egypt’s Hassan Allam Properties have signed a memorandum of understanding (MOU) to establish a joint venture for developing high-quality real estate projects in Saudi Arabia and Egypt.

The MOU was facilitated by ADEER International Egypt, a subsidiary of ADEER Real Estate KSA, which in turn, is owned by Sumou Holding Group.

The agreement was signed by Jarallah bin Mohammed Al Amrah, CEO, Sumou Holding and Mohamed Medhat Allam, CEO, Hassan Allam Properties.

Jarallah bin Mohammed Al Amrah. "We are confident that this alliance will enhance our ability to provide quality and sustainable projects that meet the aspirations of our clients in Saudi Arabia and Egypt."

Mohamed Medhat Allam, CEO of Hassan Allam Properties, said: "This cooperation will contribute to supporting the real estate sector in both countries and will open up new horizons for sustainable development."

Bassel El-Serafy, CEO of ADEER International Egypt, said the partnership will help enhance investments in the real estate sector in both markets.

(Writing by Eman Hamed; Editing by Anoop Menon)


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