Paragon, Adeer to develop EGP 70 bn mixed-use development in New Cairo: Adeer International — a subsidiary of Sumou Holding — and Egyptian property developer Paragon Developments have launched a joint development entity, which will work with Egypt’s Midar to develop a EGP 70 bn mixed-use project in New Cairo’s Mostakbal City, according to a press release (pdf).

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What we know: The 500k sqm development will feature commercial, administrative, and hospitality components, and is being positioned as a smart, sustainable urban hub. The timeline of the construction and delivery was not disclosed.

Paragon has a presence with the Kingdom: The Egyptian developer opened its first regional office in Riyadh last month, aiming to deliver 200k sqm of office space by 2027, increasing to 500k sqm by 2030, in cities including Riyadh and Jeddah.

More on Somou’s first real estate investment fund in Egypt: Sumou Holding is looking to launch a USD 1 bn real estate fund in Egypt by late 2025 or early 2026, Chairman Ayedh Al Qahtani told Al Arabiya, adding more color to comments he made to Egyptian Prime Minister Moustafa Madbouly earlier this week.

The company has been in talks with the Egyptian Stock Exchange for nearly two years on regulatory changes that would make it easier for foreign and local developers to establish such funds. Al Qahtani expects Saudi investors to make up 30-40% of the fund’s investor base, with the rest split between Egyptians and other players.

ALSO- Egypt’s Mountain View is set to team up with Saudi companies to launch its second project in Riyad’s Fursan district in the near future, the company’s founder and Chairman Amr Soliman told Asharq Business (watch, runtime 08:19) yesterday. Mountain View’s first project in southern Riyadh — whose details were unveiled last November — will kick off construction next year and is slated for completion within two years, Soliman stated. The project is being developed in partnership with local developers Maya Real Estate Development and Investment and Al Saedan Real Estate.

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