Adeer International, a subsidiary of Saudi’s Sumou Holding Group, has formed a joint development entity with PARAGON Developments, Egypt’s leading regenerative mixed-use developer.
This strategic partnership aims to strengthen investment cooperation between Egypt and Saudi Arabia, marking a significant milestone in cross-border collaboration. The first major project under this alliance is a 500,000-square-meter mixed-use development in Mostakbal City, New Cairo.
The venture, backed by investments exceeding $1.8 billion (EGP 70 billion), will be the city’s largest mixed-use project to date. Designed as a smart, sustainable urban community, the development will combine administrative, commercial, and hospitality elements, aligning with modern urbanization trends shaping both Egypt and the broader region.
Eng. Bedeir Rizk, CEO of PARAGON Developments, commented on the occasion that, “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. 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.”
Eng. Bassel El Serafy Global CEO- Adeer International
“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. 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.”
Founded in 2012, Adeer, a subsidiary of Sumou Investment and part of the Sumou Holding Group, has become a leading player in Saudi Arabia’s real estate sector. Committed to innovation and international standards, the company has successfully sold over 123 projects, generating total sales exceeding $10.93 billion (SAR 41 billion). Adeer also manages 12 real estate funds and has been recognized as the ‘Best Real Estate Marketing Company in Saudi Arabia’ in 2015, 2022, and 2023, highlighting its strong market presence and continued success in the industry.
The project is a key milestone in the ongoing partnership between Adeer International and PARAGON. It reflects a shared commitment to developing balanced cities that prioritize sustainability, innovation, and urban needs. The alliance is expected to set new benchmarks in the real estate sector and solidify Mostakbal City’s status as a hub for long-term investment and development.
