PARAGON | ADEER launches EGP 70B Sumou Boulevard in New Cairo

Updated 3/11/2026 9:13:00 AM

Arab Finance: PARAGON | ADEER, an Egyptian-Saudi alliance, has launched the Sumou Boulevard mixed-use development project in New Cairo, with total investments estimated at EGP 70 billion ($1.4 billion), according to a press release.

The scheme is one of the Middle East’s premier mixed-use destinations, supporting the alliance’s commitment to delivering an integrated development model that meets the needs of the next generation.

Located in the heart of Mostakbal City in New Cairo, Sumou Boulevard is a vibrant urban ecosystem designed to serve people, enhance quality of life, and provide Cairo with a comprehensive renewal platform that drives ambition and innovation.

Abdulrahman bin Ayed Al-Qahtani, Managing Director of Sumou Investment, said: "Our entry into the Egyptian market today, represented by Adeer International, was not a casual decision; it is the culmination of a carefully considered strategic assessment of a promising economic landscape and a firm belief that Egypt possesses the fundamentals that make it an unmissable investment destination in the region.”

For his part, Baseel El Serafy, Vice Chairman of PARAGON | ADEER, commented on the partnership: “We operate in the Egyptian real estate sector, which is expected to grow from $20 billion to over $33 billion by 2029—and Sumou Boulevard Mixed Use Development is a key contributor to this future.”

Bedeir Rizk, CEO of PARAGON | ADEER, noted: “Spanning a strategic area of over 500,000 square meters within Mostakbal City, the project is not merely a residential or commercial destination; it is a comprehensive renewal ecosystem that integrates living, working, culture, and entertainment into a unified urban rhythm.”