A Giant Alliance Brings Together “MIDAR,” “Sumou Investment” of Saudi Arabia, “Adeer International,” and “Hassan Allam Properties” to Develop Hotel and Entertainment Projects in Cairo by the Nile and in MIDAR Cities

MIDAR, the master developer of Mostakbal City and MADA in East Cairo, has signed a memorandum of understanding with Saudi Arabia’s Sumou Investment, ADEER International, and Hassan Allam Properties. The strategic alliance will inject USD 2 bn into Egypt’s hospitality and leisure sectors, with projects planned along the Nile in Cairo or within MIDAR cities. This initiative aims to attract foreign currency, bolster the local economy, and position Egypt as a premier investment and tourism destination.

The agreement was signed at MIDAR’s administrative headquarters in Mostakbal City by Ayman ElKousey, Managing Director and CEO of MIDAR, Abdulrahman Al-Qahtani, Managing Director of Sumou Investment, Bassel El-Serafy, CEO of ADEER International, and Mohamed Medhat Hassan Allam, Vice Chairman and Managing Director of Hassan Allam Properties.

“We are proud to spearhead this strategic partnership,” said ElKousey. “This collaboration aligns with our commitment to sustainable development and supports Egypt’s Vision 2030, solidifying the country’s status as a leading investment and tourism hub.”

Al-Qahtani expressed enthusiasm for Sumou’s participation in the alliance, which brings together top-tier real estate developers from Egypt and the Arab world. “Developing hospitality and leisure projects by the Nile and in MIDAR cities is an exciting step forward,” he stated.

El-Serafy emphasized the significance of this investment in light of Egypt’s goals to attract 30 million tourists and double hotel capacity to 450,000–500,000 rooms by 2030. “This project capitalizes on Egypt’s unique tourism assets,” he added.

Allam described the partnership as a transformative milestone for Egypt’s real estate, tourism, and entertainment sectors, expressing confidence in its potential to drive growth and inn

ovation.