MIDAR inks $2 billion MOU with Sumou, ADEER, and Hassan Allam
Deal News | Jan 25, 2025 | Zawya
MIDAR, an Egyptian developer of Mostakbal City and MADA in East Cairo, has signed a $2 billion Memorandum of Understanding (MOU) with Saudi Arabia's Sumou Investment and local firms ADEER International and Hassan Allam Properties. This partnership focuses on developing hospitality and leisure projects along the Nile and within MIDAR's cities. The MOU supports Egypt's Vision 2030, aiming to attract 30 million tourists and double hotel capacity by the decade's end. The agreement was signed by key representatives of the involved firms, marking a strategic collaboration in the region's real estate development.
Sectors
- Real Estate
- Hospitality & Leisure
Geography
- Egypt – The MOU involves development projects in Egypt, specifically within Mostakbal City and East Cairo, contributing to the country's Vision 2030.
- Saudi Arabia – Saudi Arabia's Sumou Investment is a key partner in the MOU, indicating cross-border collaboration.
Industry
- Real Estate – The article discusses a memorandum of understanding (MOU) for real estate development involving hospitality and leisure projects, which is a key aspect of the real estate industry.
- Hospitality & Leisure – The focus on developing hospitality and leisure projects along the Nile in Cairo or within MIDAR cities places the article within the Hospitality & Leisure industry.
Financials
- $2 billion – The total investment amount targeted by the MOU for developing hospitality and leisure projects in Egypt.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| MIDAR | Target Company | Company | Egypt-based master developer of Mostakbal City and MADA in East Cairo. |
| Sumou Investment | Bidding Company | Company | Saudi Arabian investor involved in the $2 billion real estate project. |
| ADEER International | Partner Company | Company | A local firm in Egypt partnering in the real estate development. |
| Hassan Allam Properties | Partner Company | Company | Local firm in Egypt co-investing in the proposed real estate projects. |
| Ayman ElKousey | CEO | Person | Managing Director and CEO of MIDAR. |
| Abdulrahman Al-Qahtani | Managing Director | Person | Managing Director of Sumou Investment. |
| Bassel El-Serafy | CEO | Person | CEO of ADEER International. |
| Mohamed Medhat Hassan Allam | Vice Chairman and Managing Director | Person | Vice Chairman and Managing Director of Hassan Allam Properties. |