Sumou Holding, a Saudi real estate company, and Hassan Allam Properties, an Egyptian real estate developer, has signed a memorandum of understanding (MoU) to establish a joint venture company in Saudi Arabia, Invest-Gate reports.

The MoU was facilitated by ADEER International Egypt, a subsidiary of Sumou Holding that provides real estate solutions and acts as a gateway for exchanging real estate investments and experiences between different markets.

The MoU aims to leverage the expertise and resources of both companies to develop quality and sustainable real estate projects in KSA and Egypt.

For his part, Jarallah bin Mohammed Al Amrah, CEO of Sumou Holding, stated, “This is an important regional cooperation to achieve development goals. 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.”

Moreover, Mohamed Medhat Allam, CEO of Hassan Allam Properties, highlighted, “This cooperation will support the real estate sector in both countries and open up new horizons for sustainable development.”

Furthermore, Bassel El-Serafy, CEO of ADEER International Egypt, said: “This partnership is an opportunity to exchange visions and ideas about the future of the real estate sector in Egypt and Saudi Arabia. We are happy with the new agreement, which is expected to enhance investments in various markets in the real estate sector.”

Notably, this step is expected to strengthen the economic and commercial relations between the two countries and to contribute to enhancing investments in the real estate development sector and achieving quality projects that meet the needs of the local and regional markets, offering distinctive and quality real estate products.