Mubasher: Egyptian-Saudi alliance PARAGON:ADEER launched the Sumou Boulevard project, with total investments estimated at EGP 70 billion ($1.40 billion), according to a press release.

Spanning a strategic area of over 500,000 square meters within Mostakbal City, the joint venture (JV) is one of the Middle East’s premier mixed-use destinations.

It aligns with the alliance’s commitment to delivering an integrated development model that meets the needs of the next generation.

Abdulrahman bin Ayed Al Qahtani, Managing Director of Sumou Investment, noted: "Our entry into the Egyptian market today, represented by Adeer International, was not a casual decision; it is the culmination of a carefully considered strategic assessment of a promising economic landscape and a firm belief that Egypt possesses the fundamentals that make it an unmissable investment destination in the region.”

Baseel El Serafy, Vice Chairman of PARAGON:ADEER, commented: “We operate in the Egyptian real estate sector, which is expected to grow from $20 billion to over $33 billion by 2029—and Sumou Boulevard Mixed Use Development is a key contributor to this future.”