According to Engineer Ayman El Koussy, CEO of MIDAR, the new
project will involve investments totaling EGP 70 billion. He stated that this
strategic move reflects the deep economic partnership between Egypt and Saudi
Arabia and embodies the strong relationship between the two countries.
El Koussy added that MIDAR is keen to collaborate with major
investors and developers who possess a strong track record in real estate
development, both locally and regionally. He noted that MIDAR's cities – Mostakbal
City and MADA – have successfully attracted dozens of investors in recent
years.
The Managing Director of MIDAR emphasized that this partnership reflects Sumou Holding Group's confidence in MIDAR 's vision and projects. This collaboration follows the launch of a massive investment alliance earlier this year, comprising MIDAR, Saudi's Sumou Investment, ADEER International, and Hassan Allam Properties. This alliance aims to develop luxury hotel and entertainment projects in prime locations along the Nile banks and within MIDAR 's cities, with investments reaching up to $2 billion, as per the Memorandum of Understanding announced at the beginning of this year.