Sumou subsidiary Adeer, Egypt’s Paragon to build a mixed-use development in Cairo: Real estate company Adeer — a unit of local real estate player Sumou Holding — is working with Egyptian real estate developer 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 (SAR 6.3 bn) in sales.

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The details: The project will include hotels, hotel apartments, shopping mall, 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 inked an agreement with our friends at Hassan Allam Properties to build a mixed-use development in Egypt with an investment cost in the USD 100-150 mn range.

Adeer has plans for Egypt: It 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 Egyptian developer 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 also in talks with three Egyptian real estate players on new projects in the Kingdom, El Serafy added.

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