“Midar” Signs Agreement with “Adeer” to Develop “Boulevard” Project in with Investments EGP 70 Billion
Midar for Investment and Urban Development, the master developer of Mostakbal City and MADA City in East Cairo, has announced the signing of a strategic revenue-sharing partnership with Adeer International, a subsidiary of Saudi-based Sumou Holding. The agreement aims to develop an integrated, mixed-use urban project spanning over half a million square meters in Mostakbal City, with total investments exceeding EGP 70 billion.
This milestone partnership underscores the depth of Egyptian-Saudi economic relations and marks a significant addition to the real estate development sector in Egypt.
The agreement was signed during a press conference organized by Midar in Mostakbal City, in the presence of Eng. Ayman ElKousey, CEO and Managing Director of Midar; Dr. Ayedh Al-Qahtani, Chairman of Sumou Holding; Mr. Meteb Hamed Al Saad, CEO of Adeer Real Estate; Mr. Abdulrahman Bin Ayed Al- Qahtani, Managing Director of Sumou Investment; Mr. Saeed Al Nahdi, CEO of Sumou Holding; Eng. Bassel El Serafy, CEO of Adeer International; and Eng. Essam Kalthoum, Managing Director of Sumou Real Estate – a subsidiary of Sumou Holding – along with companies’ board members and executives and representatives of various media outlets.
Commenting on the agreement, Eng. Ayman ElKousey, CEO and Managing Director of Midar, welcomed the partnership, emphasizing the company’s commitment to collaborating with leading investors and developers who possess strong track records in both local and regional markets. He noted that Midar’s cities – Mostakbal City and MADA – continue to prove themselves as the preferred investment destinations in New Cairo, having successfully attracted dozens of major investors over the past years by offering residents and visitors a unique lifestyle founded on sustainability, luxury, and smart infrastructure management.
Eng. ElKousey added that the partnership reflects Sumou Holding’s trust in Midar’s vision and projects. It follows the launch of a major investment alliance earlier this year, bringing together Midar, Saudi-based Sumou Investment, Adeer International, and Hassan Allam Properties to develop luxury hospitality and entertainment projects across premium Nile-front locations and within Midar’s cities, with investments totaling USD 2 billion as outlined in the MoU announced at the beginning of the year.
ElKousey added that the announcement of the new project during the meeting between the leadership of Sumou Holding Group and Midar, and Dr. Mostafa Madbouly, the Prime Minister of Egypt, sends a clear message about the high level of official attention the project is receiving, and the extensive governmental coordination to ensure the successful completion of all its phases. He also noted that during the meeting, he witnessed the Egyptian state’s commitment to encouraging serious investment and its keenness to support progress in successful investment projects by removing various challenges.
He expressed his pride in launching the latest project in “Mostakbal City” under the auspices of Egyptian state institutions and in partnership with one of the largest Saudi investment companies, which adds further credibility to Midar’s growing portfolio.
Commenting on the event, Eng. Bassel El Serafy, CEO of Adeer International, stated: “Our partnership with Midar is the result of a shared strategic vision and a deep mutual trust in Egypt’s real estate and investment landscape. Boulevard is not just a flagship development; it is the embodiment of a long-term vision to redefine modern living in Egypt through smart infrastructure and a fully integrated, sustainable urban experience.”
He also announced that a new joint venture between Adeer International and Paragon Developments is being established to lead the project, as part of Sumou Holding’s broader commitment – through Sumou International Investment – to supporting impactful Egyptian-Saudi partnerships, transferring expertise, and delivering flexible, future-ready urban models aligned with the sustainable development goals of both nations.
