Arab Finance: MIDAR has inked a memorandum of understanding (MoU) with Saudi Arabia’s Sumou Investment, ADEER International, and Hassan Allam Holding to invest $2 billion into Egypt’s hospitality and leisure sectors, according to a press release.

The strategic alliance will establish projects along the Nile in Cairo or within MIDAR cities.

The partnership aims to attract foreign currency, reinforce the local economy, and anchor Egypt’s position as a premier investment and tourism destination.

Ayman ElKousey, Managing Director and CEO of MIDAR, said: “This collaboration aligns with our commitment to sustainable development and supports Egypt’s Vision 2030, solidifying the country’s status as a leading investment and tourism hub.”

Bassel El-Serafy, CEO of ADEER International, highlighted that this investment aligns with Egypt’s goals to attract 30 million tourists and double hotel capacity to 450,000–500,000 rooms by 2030.

It is worth noting that MIDAR is the master developer of Mostakbal City and MADA in East Cairo.

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