MIDAR and Partners Forge $2bn Investment in Egypt

A significant strategic alliance has been formed between MIDAR, a master developer in East Cairo, and partners including Sumou Investment of Saudi Arabia, Adeer International, and Hassan Allam Properties. This partnership will inject $2 billion into Egypt's hospitality and leisure sector, aiming to enhance Egypt’s position as a premier investment and tourism destination. The projects, which are to be built along the Nile in Cairo and within MIDAR cities, are designed to attract foreign currency and bolster the local economy, aligning with Egypt's Vision 2030. The memorandum of understanding was signed by key leaders from each organization, who expressed enthusiasm and outlined the transformative impact this alliance is expected to have on Egypt's economy and tourism industry. MIDAR's pivotal role is highlighted by its extensive land portfolio and its role in developing cities like Mostakbal City and MADA. Sumou Investment, a part of the Sumou Holding Group, brings its expertise in real estate and hospitality, focusing on sustainable development and luxury, which aligns with Saudi Arabia's Vision 2030. ADEER International, part of the Sumou Group, expands its international real estate services into Egypt, enhancing its global reach. Hassan Allam Properties, with its extensive real estate experience in Egypt, brings further strategic strength to the partnership, focusing on integrated residential communities.