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 agreement with Adeer International, a subsidiary of Saudi-based Sumou Holding. The partnership will see the development of an integrated mixed-use urban project spanning over half a million square metres in Mostakbal City, with total investments exceeding EGP 70bn. Ayman ElKousey, CEO and Managing Director of Midar, highlighted the company's commitment to partnering with leading investors and developers who have proven track records in local and regional markets. He noted that Midar's cities—Mostakbal City and MADA—continue to position themselves as top investment destinations in New Cairo, attracting dozens of major investors over recent years thanks to their unique offering focused on sustainability, luxury, and smart infrastructure management. ElKousey added that the agreement reflects Sumou Holding's confidence in Midar's vision and projects. It comes as part of a broader investment alliance launched earlier this year, which brought together Midar, 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 total investments of $2bn as announced in the memorandum of understanding signed at the start of the year. He also noted that unveiling the new project during a meeting between the leadership of Sumou Holding Group and Midar, alongside Egypt's Prime Minister Mostafa Madbouly, demonstrates the high level of official attention the project is receiving, as well as the extensive government coordination aimed at ensuring the successful completion of all its phases. ElKousey stressed that the meeting reflected the Egyptian state's commitment to supporting serious investments and overcoming any challenges that might slow progress in key projects. Commenting on the announcement, Bassel El Serafy, CEO of Adeer International, said: "Our partnership with Midar is built on a shared strategic vision and deep mutual trust in Egypt's real estate and investment potential. Boulevard is not just a flagship development; it represents a long-term ambition to redefine modern living in Egypt through fully integrated, sustainable, and smart urban planning." El Serafy also announced the establishment of a new joint venture between Adeer International and Paragon Developments to lead the Boulevard project. This step forms part of Sumou Holding's wider strategy—executed through Sumou International Investment—to foster impactful Egyptian-Saudi partnerships, transfer expertise, and deliver flexible, future-ready urban models aligned with the sustainable development goals of both countries.
