Paragon-Adeer, an Egyptian-Saudi joint venture, has officially launched the Sumou Boulevard mixed-use development in New Cairo, with total investments estimated at 70 billion Egyptian pounds ($1.4 billion).

Located in Mostakbal City, the project is being developed by Paragon-Adeer, a partnership between Egypt’s Paragon Developments and Saudi Arabia’s Adeer International, the investment arm of Sumou Holding. Sumou Holding was established last year to spearhead large-scale mixed-use projects in Egypt.

Spanning over 500,000 square metres (sqm), Sumou Boulevard will feature a blend of office, retail, and hospitality components, with implementation planned in phases.

In July 2025, MIDAR, the master developer of Mostakbal City, and Sumou Holding signed a development agreement valued at EGP 70 billion for the city’s largest mixed-use project to date.

Abdulrahman bin Ayed Al-Qahtani, Managing Director of Sumou Investment, highlighted Egypt’s strong fundamentals as a key driver for regional real estate investment.

Baseel El Serafy, Vice Chairman of Paragon-Adeer, noted that the partnership leverages the diverse expertise of both parties to deliver projects designed for long-term economic value. He added that Egypt’s real estate sector is expected to grow from around $20 billion to more than $33 billion by 2029.

Earlier, in January 2025, MIDAR signed a strategic agreement worth $2 billion with Sumou Investment, Adeer International, and Hassan Allam Properties to develop hospitality, residential, and leisure projects across prime locations within MIDAR-developed cities and along the Nile-front.