{"id":93727,"date":"2025-01-26T00:00:00","date_gmt":"2025-01-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/01\/26\/saudi-egyptian-real-estate-consortium-to-invest-usd-2-bn-in-egypt-developments\/"},"modified":"2025-01-26T00:00:00","modified_gmt":"2025-01-26T00:00:00","slug":"saudi-egyptian-real-estate-consortium-to-invest-usd-2-bn-in-egypt-developments","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/01\/26\/saudi-egyptian-real-estate-consortium-to-invest-usd-2-bn-in-egypt-developments\/","title":{"rendered":"Saudi-Egyptian real estate consortium to invest USD 2 bn in Egypt developments"},"content":{"rendered":"

A Saudi-Egyptian consortium to invest USD 2 bn in Egypt\u2019s hospitality and leisure <\/strong>sector: <\/strong>Local developer Sumou Holding<\/a> and its subsidiary Adeer<\/a> inked an MoU with Egypt\u2019s MIDAR<\/a> and Hassan Allam Holding<\/a> to invest USD 2 bn in hospitality and leisure projects along the Nile in Cairo or within MIDAR\u2019s cities, according to a press release (pdf)<\/a>.<\/p>\n

Hassan Allam and Somou are no strangers: <\/strong>Sumou Holding inked an MoU in March last<\/a>year<\/a> with Hassan Allam Properties \u2014 the real estate arm of our friends at Hassan Allam Holding \u2014 to set up a JV to open up cross-border investments for the companies in Saudi Arabia and Egypt and to share expertise. Hassan Allam also inaugurated its Saudi HQ<\/a> in March. <\/p>\n

REMEMBER- Adeer has big plans for Egypt:<\/strong> The Sumou subsidiary plans to invest USD 400 mn in the Egyptian real estate sector over the next five years, CEO Bassel El Serafy said in July<\/a>. Adeer is also 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. Additionally, Adeer had unveiled plans mid-last year to build a mixed-use development in the eastern part of Cairo<\/a> with Egyptian real estate developer Paragon Developments<\/a>, the first phase of which is expected to generate EGP 80 bn (SAR 6.3 bn) in sales.<\/p>\n

\n

HOSPITALITY-<\/p>\n

Catrion to provide catering services for Saudi German Health hospitals:<\/strong> Catrion Catering Holding<\/a> landed a three-year, SAR 114 mn contract with Saudi German Health<\/a> to supply meals and beverages, among other services for employees and patients, at the company\u2019s hospitals in Jeddah, Riyadh, Dammam, Hail, Aseer, Makkah, and Madinah, according to a disclosure to Tadawul<\/a>.<\/p>\n

\n

TECH-<\/p>\n

AI services providers are now required to apply for accreditation certificates from the <\/strong>Saudi Data and AI Authority (SDAIA)<\/strong> in a move which aims to boost reliability and oversight, state news agency SPA<\/a> reports. The one-year certificates will include incentive tags that categorize the level of risk associated with using or developing the product or service. Applications are available on SDAIA\u2019s website<\/a>. <\/p>\n

\n

AEROSPACE-<\/p>\n

Neo Space + Esri Global partner to boost Saudi Geospatial sector: <\/strong>PIF-backed Neo Space<\/a>Group<\/a> inked an MoU with geographic information system technology provider Esri Global<\/a> to strengthen the geospatial sector in Saudi Arabia, according to a statement<\/a>. Under the agreement\u2019s terms, Neo Space and Esri will also partner on training programs and workshops to develop Saudi skills and expertise in geospatial services.<\/p>\n","protected":false},"excerpt":{"rendered":"

PLUS: Catrion to provide catering services for Saudi German Health hospitals<\/p>\n","protected":false},"author":1,"featured_media":93728,"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":[2564],"tags":[2323,54,10,2049,3745,2873,2457,112,2322],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-93727","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-adeer","tag-also-on-our-radar","tag-enterpriseam-ksa","tag-hassan-allam-holding","tag-midar","tag-neo-space-group","tag-saudi-data-and-artificial-intelligence-authority-sdaia","tag-saudi-german-health","tag-sumou-holding","wpautop","entry"],"acf":{"mongo_id":"eff6c761-6835-4a38-b9c7-dd1e473e5226","order":"10","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/1\/1767.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Saudi-Egyptian real estate consortium to invest USD 2 bn in developments overlooking the Nile","related_issue":[93709],"teaser":"PLUS: Catrion to provide catering services for Saudi German Health hospitals","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/1\/.af54569d-f1d2-42f3-bc6d-f70ff5c81e62.mp3"},"yoast_head":"\nSaudi-Egyptian real estate consortium to invest USD 2 bn in Egypt developments - 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