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 plans to inject $2bn into Egypt’s hospitality and leisure sectors, with projects planned along the Nile in Cairo and within MIDAR cities.
This initiative aims to attract foreign investment, bolster the local economy, and position Egypt as a premier investment and tourism destination.
Ayman ElKousey, Managing Director and CEO of MIDAR, said: “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.”
Abdulrahman Al-Qahtani, Managing Director of Sumou Investment, stated: “Developing hospitality and leisure projects by the Nile and in MIDAR cities is an exciting step forward.”
Bassel El-Serafy, CEO of ADEER International, 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.
Mohamed Medhat Hassan Allam, Vice Chairperson and Managing Director of Hassan Allam Properties, 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 innovation.
