{"id":632007,"date":"2024-07-09T00:00:00","date_gmt":"2024-07-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/09\/adeer-to-set-up-mixed-use-development-in-east-cairo-alongside-paragon\/"},"modified":"2024-07-09T00:00:00","modified_gmt":"2024-07-09T00:00:00","slug":"adeer-to-set-up-mixed-use-development-in-east-cairo-alongside-paragon","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/09\/adeer-to-set-up-mixed-use-development-in-east-cairo-alongside-paragon\/","title":{"rendered":"Adeer to set up mixed-use development in East Cairo alongside Paragon"},"content":{"rendered":"

Adeer, Paragon to set up a mixed-use development in Cairo: <\/strong>Real estate company Adeer \u2014 a subsidiary of KSA\u2019s Sumou Holding Group<\/a> \u2014 is working with local real estate player Paragon Developments<\/a> to build a mixed-use development in eastern part of Cairo, according to a press release (pdf)<\/a>. The first phase of the project is expected to generate EGP 80 bn in sales.<\/p>\n

The details: <\/strong>The 250k-sqm project will include hotels, hotel apartments, shopping malls, and administrative offices.<\/p>\n

More on the way: <\/strong>The two companies want to look into other potential investments, the release read.<\/p>\n

Two projects in two days: <\/strong>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<\/a> with investments of USD 100-150 mn.<\/p>\n

Part of a bigger plan: <\/strong>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<\/a>. Adeer is looking to acquire half of Melee Development<\/a>, which it currently works with on a SAR 1 bn project developing three Saudi sports clubs across Riyadh, Jeddah, and Khobar.<\/p>\n

That\u2019s not all: <\/strong>The company is currently in negotiations with three local real estate players to implement new projects in Saudi Arabia, El Serafy added. <\/p>\n","protected":false},"excerpt":{"rendered":"

The Saudi real estate developer has plans to partner with Egyptian companies on projects in Egypt and Saudi<\/p>\n","protected":false},"author":1,"featured_media":632008,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7371],"tags":[72,3046,83,7423],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-632007","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-enterpriseam","tag-hassan-allam-properties","tag-real-estate","tag-sumou-holding","wpautop","entry"],"acf":{"mongo_id":"fca4d6e1-abaa-473c-bd51-a625eeec8874","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/659.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Adeer to set up mixed-use development in East Cairo alongside Paragon","related_issue":[631993],"teaser":"The Saudi real estate developer has plans to partner with Egyptian companies on projects in Egypt and Saudi","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.1787a36e-c970-4cf2-939a-35ca96789c05.mp3"},"yoast_head":"\nAdeer to set up mixed-use development in East Cairo alongside Paragon - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/09\/adeer-to-set-up-mixed-use-development-in-east-cairo-alongside-paragon\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Adeer to set up mixed-use development in East Cairo alongside Paragon\" \/>\n<meta property=\"og:description\" content=\"The Saudi real 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