Prime Minister Mostafa Madbouly held a meeting at the government headquarters in New Alamein City with Dr. Ayed Al-Qahtani, Chairman of Saudi Arabia’s Sumou Holding Company, to review the group’s investment plans in Egypt, Invest-Gate reports.
The meeting brought key figures. Mr. Saeed Salem Al Nahdi, CEO of Sumou Holding, attended alongside Mr. Abdulrahman Al Qahtani, Executive Board Member; Mr. Meteb Hamed Al Saad, CEO of Adeer Real Estate; Eng. Bassel Al-Serafy, Global CEO of Adeer International; Mr. Ahmed Helmy, COO of Adeer International; Eng. Ayman Elkousey, CEO of MIDAR.
Madbouly welcomed the Saudi delegation, describing Egypt as their second home. He confirmed that Egypt offers all forms of incentives and facilitation for investors and is working to create an attractive investment environment across all sectors. He added that ministers have received direct instructions to prioritize this file.
“It is important to us that you are here and expanding your investments in Egypt,” said Madbouly, noting the government’s focus on attracting foreign investments and its support for the group’s intention to launch real estate funds.
He highlighted the significance of the Egypt-Saudi agreement on investment protection and encouragement, stating that most issues facing Saudi investors had already been resolved — a move that they have positively acknowledged.
Dr. Ayed Al-Qahtani stated that Sumou Holding is one of the largest real estate development companies, with two subsidiaries — Sumou Real Estate and Adeer International — listed on Saudi Arabia’s main stock exchange. He added, “Our group specializes in establishing real estate funds approved by the capital market, and we are working on creating one in Egypt.”
“We wish to invest in Egypt and will soon announce our first project in the Egyptian market,” he stated, praising Egypt’s infrastructure and new city developments such as the New Capital and New Alamein.
Al-Qahtani added, “We believe real estate funds will create a major shift in Egypt’s investment landscape, and we will invest strategically in this sector.” He emphasized the group’s confidence in the Egyptian market and its commitment to launching a significant investment soon.
He also expressed the company’s interest in investing in Downtown Cairo, citing its prime location and ongoing development works that could help transform the area into a global tourism destination.
Elkousey reviewed the company’s recent efforts to attract diverse investments and accelerate land development in East Cairo. He noted that MIDAR has received recognition from the Ministry of Finance and has successfully attracted top real estate developers, confirming the company’s intention to initiate new projects on additional land as a developer.