{"id":87673,"date":"2024-07-09T00:00:00","date_gmt":"2024-07-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/07\/09\/sumous-adeer-to-build-mixed-use-project-in-egypt-with-appetite-for-more\/"},"modified":"2024-07-09T00:00:00","modified_gmt":"2024-07-09T00:00:00","slug":"sumous-adeer-to-build-mixed-use-project-in-egypt-with-appetite-for-more","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/07\/09\/sumous-adeer-to-build-mixed-use-project-in-egypt-with-appetite-for-more\/","title":{"rendered":"Sumou\u2019s Adeer to build mixed-use project in Egypt \u2014 with appetite for more"},"content":{"rendered":"

Sumou subsidiary Adeer, Egypt\u2019s Paragon to build a mixed-use development in Cairo: <\/strong>Real estate company Adeer \u2014 a unit of local real estate player Sumou Holding<\/a> \u2014 is working with Egyptian real estate developer 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 (SAR 6.3 bn) in sales. <\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

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

Adeer has plans for Egypt: <\/strong>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<\/a>. Adeer is looking to acquire half of Egyptian developer 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 also in talks with three Egyptian real estate players on new projects in the Kingdom, 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":87674,"comment_status":"","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":[2574],"tags":[2323,10,1296,106,2322],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87673","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-adeer","tag-enterpriseam-ksa","tag-hassan-allam-properties","tag-real-estate","tag-sumou-holding","wpautop","entry"],"acf":{"mongo_id":"d21ac468-0ddc-45a2-ac04-b63e07e80523","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/659.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Sumou\u2019s Adeer to build mixed-use project in Egypt \u2014 with appetite for more","related_issue":[87660],"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\/.72809b38-fab5-4745-8e40-b2a4ae58c6e2.mp3"},"yoast_head":"\nSumou\u2019s Adeer to build mixed-use project in Egypt \u2014 with appetite for more - 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