Adeer International and partners plan $2bn of hospitality projects in Egypt
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Adeer International, the global investment arm of Saudi Arabia's Sumou Holding Group, has formed a strategic alliance with Hassan Allam, MIDAR and Sumou Investment to develop hospitality projects in Egypt with planned investments of about $2 billion.
Adeer International, the global investment arm of Saudi Arabia's Sumou Holding Group, has formed a strategic alliance with Hassan Allam, MIDAR for Investment and Urban Development and Sumou Investment to develop hospitality projects in Egypt, with planned investments of approximately $2 billion. The plans were announced at a media briefing in Cairo, where the company set out its Egyptian investment activity, pipeline and strategy.
The alliance forms part of a wider expansion plan under which Adeer aims to operate in 35 countries by 2035. It currently works in the UK, Egypt, Malaysia, Indonesia, Turkey and Switzerland.
Adeer entered Egypt with Adeer Plaza in Sheikh Zayed City, which opened in 2024, and expanded through partnerships, including a collaboration with Paragon Developments and MIDAR on Sumou Boulevard in Mostakbal City, a mixed-use project with estimated investments of EGP 70 billion. The launch of Sumou Boulevard in 2026 marked Sumou Investment's first major investment in the Egyptian market.
Founder and chief executive Bassel El-Serafy said Adeer operates as a strategic investment partner rather than a real estate developer or broker, bringing together capital, expertise and execution capability and structuring each project through partnership and investment models. Chief investment officer Ahmed Helmy said the company signed partnerships in 2024 with Hassan Allam Properties for a mixed-use project in East Cairo and with Melee Developments, a subsidiary of Al Ahly Sabbour, to expand its real estate activities in Egypt and Saudi Arabia.
Sumou Holding Group, which began operations in 2008, manages SAR 55 billion across 15 real estate funds, according to Helmy, and considers Egypt a market with long-term growth potential. Adeer Real Estate was listed on the Saudi Exchange in 2025, while the international arm began expanding overseas in the UK in 2021 and has grown assets under management there to £625 million, with transactions including Amazon's logistics centre, a FedEx warehousing facility and units affiliated with Corinthia Hotels.