Paragon Developments has announced a strategic alliance with ADEER International to develop a massive mixed-use project spanning 1 million square meters in East Cairo, Invest-Gate reports.

The announcement took place during a signing ceremony held at the Four Seasons Nile Plaza Hotel, attended by Eng. Bedeir Rizk, CEO of Paragon Developments; Eng. Mohamed Bedeir, Chairman of Paragon Developments; Eng. Bassel Elserafy, CEO of ADEER International; and Dr. Ayed Al-Qahtani, Chairman of Sumou Real Estate Company.

The alliance will oversee the development of an integrated complex covering 1 million square meters in East Cairo, comprising administrative, commercial, and hotel spaces.

The first phase of the project will be developed on a land area of 250,000 square meters, with a built-up area of approximately 350,000 square meters. It will feature upscale hotels, serviced apartments, shopping centers, and office spaces.

The total sales for the first phase of the project are expected to reach EGP 80 billion, highlighting the significant investment and importance of this project in supporting the Egyptian economy and realizing Egypt’s Vision 2030.

The first phase of the project entails the development of 250,000 square meters, with plans for expansion in subsequent phases. The alliance also aims to explore investment opportunities in other regions, leveraging international expertise in real estate development and hospitality.

Eng. Bedeir Rizk, CEO of Paragon Developments, commented on the collaboration, stating, “This alliance signifies a significant step in our company’s growth strategy at both the local and regional levels. Our extended partnership with Adeer International, renowned for its outstanding reputation and extensive global experience, reflects our ambitious plans for expansion and innovation. We are committed to exploring new horizons beyond the Egyptian market, including Saudi Arabia, to offer distinguished and innovative experiences in various markets. This collaboration provides a vital opportunity to enhance our capabilities and expand our impact by delivering integrated real estate projects that contribute to sustainable development and fulfill our clients’ aspirations.”

Rizk also emphasized that this project would enhance luxury tourism in Egypt by introducing new brands that have not previously been present in the Egyptian market. He stated, “Our aim is to make this project a leading model of technology and innovation in the real estate market, integrating art, culture, and entertainment into all aspects of the project, with a focus on regenerative development and placemaking that adheres to the highest sustainability standards.”