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العربية 
Midar Investment and Urban Development Company, the general developer of Mostakbal City and Mada in East Cairo, announced the signing of a partnership agreement with Adeer International, a subsidiary of Saudi Arabia’s Sumou Holding Group, to develop the mixed-use Boulevard project in Mostakbal City, on an area exceeding 500,000 square meters, with a huge investment estimated at EGP 70 billion. The agreement was signed under a revenue-sharing system, underscoring the strength of the strategic partnership between Egypt and Saudi Arabia, and reflecting growing confidence in the Egyptian real estate market as one of the most important investment destinations in the region. Ayman Al- Koussi: “Midar” proves to be the best investment option for developers in New Cairo Eng. Ayman El-Koussi, Managing Director and CEO of Midar, said that the new partnership with Adeer International comes within Midar’s vision to attract leading developers with a strong track record, stressing that Midar Cities has become the first choice for real estate investment in East Cairo thanks to its smart infrastructure and sustainability and luxury standards. Al-Qusi explained that this cooperation comes as a continuation of a huge investment alliance launched at the beginning of this year, which includes “Midar”, “Sumou Investment” of Saudi Arabia, “Adeer International”, and “Hassan Allam Real Estate”, to develop hotel, tourism and entertainment projects with investments of up to $2 billion, in distinguished locations including the banks of the Nile and the cities of “Midar”.
He also pointed out that the announcement of the project was made during an official meeting between the leaders of the “Sumou” Group and Prime Minister Dr. Mostafa Madbouly, in a clear message of the state’s interest in this project, and its full support to provide a stimulating investment environment for serious and ambitious projects. Bassel Al-Serafi: “Boulevard” redefines the concept of modern life with a combination of intelligence and sustainability For his part, Eng. Bassel Al-Serafi, CEO of Adeer International, stated that the Boulevard project represents a strategic vision to redefine the concept of integrated urban communities in Egypt, through smart infrastructure and a sustainable living experience. He announced the establishment of a joint entity between Adeer International and Paragon Real Estate Development to develop the project. Al- Serafi stressed that this partnership with Midar reflects Sumou Holding’s commitment to strengthening influential Saudi-Egyptian partnerships, transferring expertise, and providing a flexible urban model that meets the aspirations of new generations and serves the sustainable development goals in both countries. About MIDAR: Pioneering the Establishment of Smart Cities in Egypt Midar was established in 2006 and includes in its ownership structure major institutions such as Banque Misr, the National Bank of Egypt, the National Investment Bank, and the Arab Contractors Company. It owns a portfolio of more than 11 thousand acres of land in East Cairo, and “Mostakbal City” is its first integrated city on an area of 5200 acres. It also recently launched the Mada project as the first fifth-generation city with an area of 5800 acres. MIDAR offers an integrated service ecosystem through its subsidiaries such as CTRL for Utility Management, WAYZ Transportation, and CIRCUIT for Electricity Distribution.
About Adeer International: International Expansion and Billions of Riyals Investments Adeer International is the international arm of Saudi Arabia’s Sumou Holding Group, and has successfully sold more than 123 projects with total sales exceeding SAR 41 billion. Manages real estate assets in the UK exceeding £500 million, and expanded in Egypt with the launch of the Adair Plaza project and the conclusion of local strategic partnerships with Hassan Allam, Paragon and Milli. The company aims to expand to 30 countries by 2030.