Dubai – Masaader News
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.
About Midar for Investment and Urban Development:
Midar for Investment and Urban Development was established in 2006 and is one of the largest leading companies in the field of investment and urban development in Egypt. It is among the first companies to implement the concept of a Master Developer for integrated residential and recreational cities in Egypt. MIDAR’s ownership structure includes a selection of major financial institutions in Egypt, such as Bank Misr, National Investment Bank, National Bank of Egypt, and the Arab Contractors Company.
Midar is considered the preferred partner for major investment entities, both Egyptian and foreign. The company owns a land portfolio estimated at about 11,000 Feddans in East Cairo. “Mostakbal City” is the first city launched by Midar, covering an area of 5,200 Feddans. Midar has successfully attracted more than 20 of the leading real estate development companies across various specialties to develop their projects in “Mostakbal City”.
Recently, Midar launched MADA City, the first fifth-generation city in Egypt, which spans 5,800 Feddans with a 3-kilometer frontage along the Cairo-Suez Road. This city includes residential, commercial, educational, medical, and entertainment zones. Midar also announced its partnership with Emaar Misr to develop the first fully integrated residential project in Mada, with an investment of EGP 100 billion.
In addition to the cities it has established, Midar has also founded a group of companies to serve the residents of its cities and investors with the highest quality standards. These include “CTRL,” responsible for facility management, “WAYZ” for transportation and mobility, and “CIRCUIT” for electricity distribution. All these companies were established using the latest systems and the highest technical standards, underscoring Midar’s unique approach to creating subsidiaries to deliver exceptional services to residents and investors.
For more information, please visit: www.Midar.org
About Adeer International – A Sumou Holding Company:
Founded in 2020, Adeer International is a subsidiary of Saudi-based Sumou Holding, established to provide a wide range of innovative real estate services that align with international standards. Since its inception outside the Kingdom of Saudi Arabia, Adeer has achieved remarkable success, selling over 123 projects with total sales exceeding SAR 41 billion, in addition to managing 12 real estate funds. The company was named “Best Real Estate Marketing Company in Saudi Arabia” in 2015, 2022, and 2023, and was publicly listed on the Saudi Stock Exchange in early 2025.
In 2021, Adeer expanded globally by launching Adeer International in the United Kingdom, managing assets exceeding GBP 500 million. In 2023, the company entered the Egyptian market with the launch of “Adeer Plaza” and established strategic partnerships with Hassan Allam Properties, Mili, and Paragon.
Adeer International offers a diverse suite of services, including real estate portfolio management, sales and leasing, property and asset management, investment, brokerage, and real estate marketing. In 2024, the company announced plans to expand into Indonesia, Malaysia, and Turkey, with a target of operating in 30 countries by 2030.