An Egyptian-Saudi consortium is looking into setting up a USD 1 bn Downtown Cairo redevelopment project, Sumou Holding Chief Business Development Officer Ahmed Al Hashimi told Asharq Business. The consortium includes Saudi’s Sumou Holding, its subsidiary Adeer International, and local players Midar and Hassan Allam.

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BACKGROUND- The project would tie into the Sovereign Fund of Egypt’s plans to offer up the Ministries Square area and Downtown assets to investors as part of its privatization and redevelopment push for the area.

Not their first rodeo: The consortium is already working on hospitality and leisure projects along the Nile in Cairo and in Midar-developed new cities with investments of USD 2 bn. Adeer has also partnered with local developer Paragon Developments to launch a new joint entity that will work with Midar on a EGP 70 bn mixed-use project in New Cairo’s Mostakbal City.

Sumou is going big on Egypt: The Saudi developer plans to inject SAR 2 bn (c. EGP 26 bn) into the local real estate market over the next five years, focusing on mixed-use developments with residential, hotel, office, and retail components, Al Hashimi told Al Arabiya. The company will handle management and sales through a dedicated subsidiary. The Saudi developer aims to have Egypt account for around 5% of new investments by 2030. Sumou is also in discussions with Midar to launch its first real estate fund in Egypt, expected to roll out in 1Q 2026.

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