Adeer International—a subsidiary of Sumou Holding Group—has announced the launch of a joint development entity with PARAGON Developments, Egypt’s leading regenerative mixed-use developer, in a strategic partnership that underscores both companies’ commitment to strengthening investment cooperation between Egypt and Saudi Arabia, Invest-Gate reports.
The new entity’s first milestone is a major collaboration with MIDAR, the master developer of Mostakbal City, to develop the city’s largest mixed-use project to date, spanning more than 500,000 sqm and backed by investments exceeding EGP 70 bn. Designed as a smart, sustainable urban community, the project will seamlessly integrate administrative, commercial, and hospitality components, aligning with modern development trends shaping Egypt and the wider region.
The agreement was signed by Eng. Bassel El Serafy, Global CEO of Adeer International, and Eng. Bedeir Rizk, CEO of PARAGON Developments. The signing ceremony was attended by a number of prominent figures in the fields of investment and urban development, including Dr. Ayedh Al Qahtani, Chairman of Sumou Holding Group; Eng. Ayman El Kousey, CEO and Managing Director of MIDAR; Eng. Mohamed Bedeir, Chairman of PARAGON Developments; Mr. Abdulrahman Ayedh Al Qahtani, Managing Director of Sumou Investment; Mr. Meteb Hamad Al-Saad, Chairman of Adeer International; Mr. Saeed Al Nahdi, CEO of Sumou Holding; and Mr. Ahmed Helmy, COO of Adeer International.
Commenting on the occasion, Eng. Bedeir Rizk, CEO of PARAGON Developments, said, “This partnership marks an evolution of our regenerative development philosophy, one that aims to build smart and sustainable urban ecosystems that blend work, living, and culture into a holistic urban experience. Through this strategic alliance with visionary partners backed by robust investment strength, we are shaping a new development model capable of redefining the relationship between people and place in response to the rapidly shifting dynamics of urban development in Egypt and the region.”
From his side, Eng. Bassel El Serafy, Global CEO of Adeer International, stated, “This upcoming project is not merely a transformational real estate development; it’s the embodiment of a long-term strategic vision aimed at redefining contemporary living in Egypt through smart infrastructure and a fully integrated, sustainable lifestyle. The launch of this joint entity reinforces Sumou Holding Group’s commitment to impactful Saudi-Egyptian partnerships, knowledge transfer, and the delivery of a flexible urban model that aligns with the aspirations of future generations and the sustainable development goals of both countries.”