Egypt’s MIDAR, the master developer of Mostakbal City and MADA in East Cairo, has signed a memorandum of understanding (MOU) with Saudi Arabia’s Sumou Investment, and local firms ADEER International, and Hassan Allam Holding to invest in real estate projects in Egypt.
The partnership aims will target $2 billion in investments in hospitality and leisure projects along the Nile in Cairo or within MIDAR cities.
The agreement was signed at MIDAR’s administrative headquarters in Mostakbal City by Ayman ElKousey, Managing Director and CEO of MIDAR, Abdulrahman Al-Qahtani, Managing Director of Sumou Investment, Bassel El-Serafy, CEO of ADEER International, and Mohamed Medhat Hassan Allam, Vice Chairman and Managing Director of Hassan Allam Properties.
The MOU supports Egypt’s Vision 2030 goal of attracting 30 million tourists and doubling hotel capacity to 450,000–500,000 rooms by the end of this decade.
(Writing by Eman Hamed; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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