Saudi Arabia’s Sumou Holding in talks to acquire Egypt’s Midar for $3.5B
Updated 10/13/2025 8:15:00 AM
Arab Finance: Saudi real estate investor Sumou Holding is in preliminary talks to acquire Egyptian developer Midar for Investment and Urban Development, Al Arabiya Business reported, citing unnamed sources familiar with the matter.
The potential deal is valued at around $3.5 billion; however, the final value will be disclosed soon.
Established in 2006, Midar is a joint-stock company whose shareholders include Banque Misr, the National Bank of Egypt (NBE), the National Investment Bank (NIB), and Arab Contractors.
The company is developing two major projects east of Cairo, namely Mostakbal City and Mada City, spanning a total of 11,000 feddans near Egypt’s New Administrative Capital.
In July, Midar signed a deal with Sumou Holding, through its subsidiary Adeer International, to develop the Boulevard project on 500,000 square meters, with investments exceeding $70 billion.
It is noteworthy that Sumou Holding previously announced it seeks to invest about $26 billion in the Egyptian market over the upcoming five years, in collaboration with Egyptian developers.
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