Adeer, Paragon to set up a mixed-use development in Cairo: Real estate company Adeer — a subsidiary of KSA’s Sumou Holding Group — is working with local real estate player Paragon Developments to build a mixed-use development in eastern part of Cairo, according to a press release (pdf). The first phase of the project is expected to generate EGP 80 bn in sales.

The details: The 250k-sqm project will include hotels, hotel apartments, shopping malls, and administrative offices.

More on the way: The two companies want to look into other potential investments, the release read.

Two projects in two days: The announcement comes a day after we heard that Adeer had recently inked an agreement with our friends at Hassan Allam Properties to develop a mixed-use development with investments of USD 100-150 mn.

Part of a bigger plan: The company plans to invest USD 400 mn in the Egyptian real estate sector over the next five years, CEO Bassel El Serafy told Asharq Business. Adeer is looking to acquire half of Melee Development, which it currently works with on a SAR 1 bn project developing three Saudi sports clubs across Riyadh, Jeddah, and Khobar.

That’s not all: The company is currently in negotiations with three local real estate players to implement new projects in Saudi Arabia, El Serafy added.

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