ADEER International Egypt, a subsidiary of ADEER Holding Group and Sumou Holding, announced the formation of three strategic alliances with leading Egyptian real estate developers: Hassan Allam Properties, Melee Development, a subsidiary of Al Ahly Sabbour, and Paragon Developments.
These collaborations are poised to significantly enrich Egypt's real estate landscape and align with the National Strategic Urban Development Plan for Egypt 2052.
The press conference witnessed the presence of distinguished figures including Ayedh Al-Qahtani, Chairman of Sumou Holding; Mohamed Allam, CEO of Hassan Allam Properties; Bassel El Serafy, CEO of ADEER International Egypt; Jasser Bahgat, Chairman of Melee Development; and Bader Rizq, CEO of Paragon Developments.
"These partnerships mark a transformative milestone driven by our group’s robust confidence in Egypt’s real estate sector. It represents a critical step in our journey towards realizing our vision of constructing innovative and sustainable communities. Collaborating with esteemed entities such as Hassan Allam Properties, Melee Development, and Paragon Developments enables us to harness their extensive expertise and pioneering solutions. This synergy will not only shape ADEER's future in Egypt but also bolster our initiatives across various domains, including real estate, sports, and community services. Through these partnerships, we aspire to deliver an unparalleled living experience that integrates comfort, sustainability, and innovation. We are confident that these collaborations will pave the way for a bright future for ADEER International in Egypt and allow us to offer superior services and solutions to our clients." Remarked Bassel El Serafy, CEO of ADEER International Egypt.
During the press conference, ADEER International Egypt formalized a cooperation agreement with Hassan Allam Properties, a premier Egyptian real estate developer, to Co-develop a mixed-use project in East Cairo with an initial investment ranging from $100-150 million. This partnership signifies the commencement of a promising mega project, following a memorandum of understanding signed earlier in 2024. The objective is to amplify investment opportunities in real estate development between Egypt and Saudi Arabia, facilitate the exchange of expertise, and unlock new avenues for promising investment prospects in both markets.
The second agreement was sealed between ADEER International Egypt and Melee Development, a subsidiary of Al Ahly Sabbour Developments. This collaboration aims to extend its footprint in both the Egyptian and Saudi markets to meet the expanding needs of the real estate sector. The focus is on creating sustainable and healthy living spaces, incorporating green spaces and public amenities to enhance the quality of life. Additionally, the partnership will introduce smart services for residents, such as intelligent transportation systems and sustainable energy management, alongside innovative technological solutions for real estate project management to elevate the customer experience.
In the final agreement, ADEER International Egypt partnered with Paragon Developments to acquire a 230-acre plot in New Cairo. This joint venture will develop a comprehensive real estate project in this strategic location, featuring a diverse array of commercial spaces catering to various preferences and an extensive range of services. The project's initial phase will develop 60 acres, with projected sales expected to reach EGP 75 billion.
These strategic alliances will amplify with ADEER International Egypt's ambitious expansion strategy in the real estate sector, by partnering with prominent entities that have demonstrated exceptional success in urban development. This initiative responds to the increasing demand for real estate projects and supports the national urban development agenda, thereby contributing significantly to comprehensive development and the broader Egyptian economy.
About ADEER International:
ADEER International Egypt is owned by ADEER Holding Company, A part of the Sumou Holding Group for investments in Saudi Arabia, established in 2008 to provide a wide range of innovative services in the real estate industry, adhering to international standards across all real estate sectors.
ADEER Saudi Arabia began its operations in 2012, initially focusing on providing integrated real estate solutions. Over the course of more than 10 years, it has achieved numerous accomplishments and record-breaking sales, earning the title of the best real estate company in the Kingdom in 2015 and 2022 with an annual turnover of sales exceeding 30 billion SAR then operations extended to the UK market in 2022 and currently oversees a portfolio of 500 million sterling pounds.
ADEER International henceforth has ventured into the Egyptian market in 2023 and proved its presence as a gateway for expanding international investments and expertise with a group of distinguished deals that made it a different mark in the market.
ADEER International Egypt offers services in property portfolio management, sales, leasing, property and asset management, investment, brokerage, and real estate marketing. It has recently announced its entry into the Egyptian market and has plans for development and expansion within this promising market.
