Saudi-Egyptian Firms Launch $1.42B Project in Mostakbal City

Cairo, Egypt – 23 July 2025 - Adeer International, a subsidiary of the Saudi Sumou Holding Group, has formed a strategic partnership with Egyptian real estate firm PARAGON Developments, reinforcing both companies’ commitment to deepening investment cooperation between Egypt and Saudi Arabia.

Mostakbal City’s Largest Mixed-Use Project

In collaboration with MIDAR, the master developer of Mostakbal City, the agreement aims to develop the city’s largest mixed-use project to date. The project will span over 500,000 square meters and is backed by investments exceeding $1.42 billion (EGP 70 billion), according to a press release.

The development is designed as a smart, sustainable urban community, integrating administrative, commercial, and hospitality elements in line with contemporary development trends shaping Egypt and the broader region.

Leadership Perspectives on the Partnership

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.”

Rizk continued: “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.”

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.”

He concluded: “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.”

A Milestone in Regional Real Estate Cooperation

This collaboration builds upon the established relationship between Adeer International and PARAGON. The current project marks a major milestone in their partnership, representing a forward-looking model of joint real estate development that leverages the combined expertise of leading firms from both nations.