Egyptian-Saudi partnership readies USD 2 bn investment: Egypt’s Hassan Allam Properties and Midar Investment and Urban Development inked an MoU with Saudi Arabia’s Sumou Investment, and its subsidiary Adeer International, to invest USD 2 bn in hospitality and leisure projects along the Nile in Cairo or within Midar developed cities, Midar said in a statement a statement(pdf).

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This isn’t the first time Hassan Allam Properties and Somou have worked together: Sumou Holding inked an MoU in March lastyear with Hassan Allam Properties to set up a JV to open up cross-border investments for companies in Saudi Arabia and Egypt and to share expertise. And in July, the two companies inked an agreement to develop a mixed-use development in the east of Cairo with an initial investment of USD 100-150 mn.

Adeer has big plans for Egypt: The Sumou subsidiary plans to invest USD 400 mn in the Egyptian real estate sector over the next five years, CEO Bassel El Serafy said in July. Included in these plans is a mixed-use development in the eastern part of Cairo with Egyptian real estate developer Paragon Developments and the acquisition of half of Egyptian developer Melee Development.

A note from the editor: The story has been amended on 26 January 2025, as an earlier version of it incorrectly referred to Hassan Allam Properties as the real estate arm of Hassan Allam Holding. Hassan Allam Properties is a sister company of Hassan Allam Holding and has a separate legal entity and shareholding structure.

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