Paragon | Adir Unveils “Sumou Boulevard” Backed by Saudi Investment, Targeting EGP 100 Billion in Sales
Paragon | Adir has announced the launch of “Sumou Boulevard,” a major mixed-use development marking the first flagship investment by Sumou Investment in the Egyptian market through Adir International.
The project was unveiled during an official ceremony held at the Khufu Ships Museum within the Grand Egyptian Museum, attended by Supply Minister Sherif Farouk, alongside government officials, business leaders, investors, and prominent regional figures.
Egyptian-Saudi Partnership with EGP 70 Billion in Investments
The development comes as part of deepening economic ties between Egypt and Saudi Arabia. It brings together Adir International, the global investment arm of Sumou Holding, and Paragon Developments to deliver an integrated urban destination in New Cairo.
The launch represents a strategic entry for Sumou Investment into Egypt, reflecting the accelerating pace of regional capital flows and strengthening bilateral economic relations through a development model that combines regional expertise with local market insight.
“Sumou Boulevard” is strategically located in the heart of Mostakbal City in New Cairo, spanning more than 500,000 square meters. The project is backed by investments of up to EGP 70 billion, with projected revenues exceeding EGP 100 billion.
It features a fully integrated mix of residential, commercial, hospitality, and retail components, designed to meet the demands of modern urban living.
The project introduces a forward-looking urban concept under the theme “Cairo’s Future,” centered on delivering a holistic living experience.
It is among the first developments in the region to embrace the concept of “city redefinition,” anchored by a vibrant 2-kilometer boulevard designed to foster a dynamic community that places people, culture, and sustainability at the core of its design.
Designed to blend living, working, and leisure, the development includes serviced residential units, office spaces, standalone headquarters, and lifestyle-driven hospitality and retail offerings.
“Sumou Boulevard” is built around three core pillars: quality of life, innovation, and culture—creating a comprehensive environment that integrates everyday living with creativity and future-forward lifestyles.
Executive Remarks Highlight Strategic Significance
Abdulrahman Al-Qahtani, CEO of Sumou Investment, said Egypt remains one of the region’s most promising investment destinations, citing its strong fundamentals and long-term growth potential. He described the project as a key milestone in Adir International’s regional expansion and a strategic investment in Egypt’s urban future.
Ayman El-Qousi, Managing Director and CEO of MIDAR for Investment and Urban Development, noted that the project is part of a strategic partnership with Sumou Holding Group to deliver a unique development within Mostakbal City, which has rapidly evolved into a hub for local and regional investments, alongside MIDAR’s Mada city, now a destination for major international companies.
He added that MIDAR continues to advance its strategy through partnerships with leading developers, emphasizing that the project reflects a clear vision backed by detailed studies and designs prepared by top global consultancy firms.
Basel Al-Sirfi, Global CEO of Adir International, highlighted that the project underscores the strength of Egyptian-Saudi strategic partnerships in shaping the future of urban development by combining global expertise with local knowledge.
Badir Rizk, CEO of Paragon | Adir, said the project reflects a shared Egyptian-Saudi vision rooted in Egypt’s rich cultural heritage while looking toward the future. He added that it contributes to strengthening Egypt’s position as a regional hub for foreign direct investment by integrating innovation, culture, and hospitality to drive economic growth.
Supporting Egypt’s Urban and Economic Transformation
“Sumou Boulevard” reflects the growing role of Saudi investments in supporting Egypt’s ongoing urban and economic transformation. It also reinforces the country’s position as a regional center for innovation, hospitality, and foreign direct investment, amid continued expansion in mixed-use developments.
