{"id":654176,"date":"2024-10-29T00:00:00","date_gmt":"2024-10-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/29\/ksas-adeer-wants-to-set-up-a-real-estate-fund-in-egypt\/"},"modified":"2024-10-29T00:00:00","modified_gmt":"2024-10-29T00:00:00","slug":"ksas-adeer-wants-to-set-up-a-real-estate-fund-in-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/29\/ksas-adeer-wants-to-set-up-a-real-estate-fund-in-egypt\/","title":{"rendered":"KSA\u2019s Adeer wants to set up a real estate fund in Egypt"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Adeer wants to set up an Egyptian real estate fund:<\/strong> Saudi Sumou Holding Group subsidiary Adeer plans to set up an Egyptian real estate investment fund in partnership with Saudi fund manager <a target=\"_blank\" href=\"https:\/\/www.areebcapital.com\/\" style=\"\" rel=\"noopener\">Areeb Capital<\/a>, Adeer CEO Basel El Serafy told <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/10\/27\/1837787\" style=\"\" rel=\"noopener\">Al Borsa<\/a>. The fund will invest in residential, commercial, and administrative units. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where things stand:<\/strong> The two companies have started on the procedures for setting up the fund \u2014 Areeb Capital will act as the financial partner and manage any real estate funds set up by Adeer. The Sumou subsidiary is in talks with the Financial Regulatory Authority and the EGX over the legislative amendments needed to facilitate the process of setting up real estate funds in the country. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We already have another real estate fund in the making: <\/strong>Last month, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d58985e2-86bd-408d-95fd-0ea83d7421a5\/sczone-eyes-usd-60-mn-data-center-project-partnership-with-private-sector.-plus:-spe-capital,-valu-%2B-majid-al-futtaim,-tatweer-misr,-cushman-&-wakefield\" style=\"\" rel=\"noopener\">it was reported<\/a> that a consortium including Redcon Properties, Al Baraka Bank, and other institutions has plans to set up a local real estate investment fund with initial investments of over EGP 1 bn. The fund is expected to launch at the end of 2025. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Adeer is no stranger to the local market. <\/strong>The company in July announced that <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fca4d6e1-abaa-473c-bd51-a625eeec8874\/%253cmark%253eadeer%253c%2Fmark%253e-to-set-up-mixed-use-development-in-east-cairo-alongside-paragon\" style=\"\" rel=\"noopener\">it is working with local real estate player Paragon Developments<\/a> to build a mixed-use development in the eastern part of Cairo. This came shortly after it <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/26aec8b9-07c9-4e38-9837-be72d44bf8b5\/azimut-one-step-closer-to-launching-shariah-compliant-fund-after-getting-fra-approval.-plus:-neom,-lrt,-adeer-+-hassan-allam-properties-+-melee-development\" style=\"\" rel=\"noopener\">inked an agreement with our friends at Hassan Allam Properties<\/a> to develop a mixed-use development in the east of Cairo with an initial investment of USD 100-150 mn and partnered with local developer Melee Development to develop three clubs in Saudi Arabia, with investments totalling SAR 1 bn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More to come: <\/strong>El Serafy previously told Asharq Business that the company plans to invest USD 400 mn in the Egyptian real estate sector over the next five years. Adeer is also in the process of establishing several subsidiaries \u2014 operating in development, marketing, and management \u2014 to expand its operations in Egypt\u2019s real estate market, he added to Al Borsa. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Listing on the EGX?<\/strong> Adeer wants to offer a number of its shares on the EGX in five year\u2019s time, El Serafy said, adding that the company also wants to list some of its subsidiaries on either the main market or the small-cap Nilex over the coming 3-5 years.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The fund will invest in residential, commercial, and administrative units<\/p>\n","protected":false},"author":1,"featured_media":654177,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[7303],"tags":[102,72,83,7423],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-654176","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-capital-markets","tag-capital-markets","tag-enterpriseam","tag-real-estate","tag-sumou-holding","wpautop","entry"],"acf":{"mongo_id":"f0c3bd68-188f-4de9-a7f1-0e444921f13d","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/2495.jpg","photo_position":"above","homepage_title":"","full_issue_title":"KSA\u2019s Adeer wants to set up a real estate fund in Egypt","related_issue":[654168],"teaser":"The fund will invest in residential, commercial, and administrative units","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.9e2c8b37-c27b-4adc-9f11-629c4f2a804e.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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