Midar for Investment and Urban Development, the master developer of Mostakbal City and MADA City in East Cairo, has announced the signing of a strategic revenue-sharing agreement with Adeer International, a subsidiary of Saudi-based Sumou Holding.
The partnership will see the development of an integrated mixed-use urban project spanning over half a million square meters in Mostakbal City, with total investments exceeding EGP 70bn.
Ayman ElKousey, CEO and Managing Director of Midar, highlighted the company’s commitment to partnering with leading investors and developers who have proven track records in local and regional markets. He noted that Midar’s cities—Mostakbal City and MADA—continue to position themselves as top investment destinations in New Cairo, attracting dozens of major investors over recent years thanks to their unique offering focused on sustainability, luxury, and smart infrastructure management.
ElKousey added that the agreement reflects Sumou Holding’s confidence in Midar’s vision and projects. It comes as part of a broader investment alliance launched earlier this year, which brought together Midar, Sumou Investment, Adeer International, and Hassan Allam Properties to develop luxury hospitality and entertainment projects across premium Nile-front locations and within Midar’s cities, with total investments of $2bn as announced in the memorandum of understanding signed at the start of the year.