Mubasher: Saudi Sumou Holding and Hassan Allam inked a development agreement for key investment opportunities in the real estate sector, according to a press release.

ADEER International Egypt, a subsidiary of ADEER Holding and Sumou Holding, facilitated the joint deal to enable cooperation between the two companies.

The two parties will team up to establish a joint venture (JV) aimed at developing quality real estate projects in Saudi Arabia and Egypt.

Jarallah bin Mohammed Al Amrah, CEO of Sumou Holding, commented: "We are confident that this alliance will enhance our ability to provide quality and sustainable projects that meet the aspirations of our clients in Saudi Arabia and Egypt."

Mohamed Medhat Allam, CEO of Hassan Allam, said "This cooperation will contribute to supporting the real estate sector in both countries and will open up new horizons for sustainable development."

Bassel El-Serafy, CEO of ADEER International Egypt, highlighted that the partnership is expected to contribute to enhancing investments in various markets in the real estate sector.

Furthermore, the agreement will boost the economic and commercial relations between the two Arab countries and achieve quality projects that meet the needs of the local and regional markets.