In a press conference on Sunday, Adeer International Egypt announced that these agreements aim to promote real estate development in Egypt and support the national strategic plan’s vision for Egypt’s Urban Development 2052.

“These partnerships represent a turning point stemming from our confidence in the real estate sector in Egypt and an important step towards achieving our vision to build creative and sustainable residential communities,” Chief Executive Officer of Adeer International Egypt Bassel El Serafy stated.

The first agreement Adeer signed was with Hassan Allam Properties to develop a multi-purpose project with an initial investment of $100-150 million.

This partnership comes following a previous memorandum of understanding signed in early 2024 to promote investment opportunities in the real estate sector between Egypt and Saudi Arabia.

The second agreement was signed between Adeer International Egypt and Melee Developments to extend the partnership between the two companies so that it covers the Egyptian and Saudi markets.

In an interview with Asharq Bloomberg, El Serafy said Adeer International plans to acquire 50 percent of Melee Developments by increasing its capital to expand the partnership between the two corporations.

The third and final agreement was a partnership between Paragon Developments Corporation and Adeer International Egypt to acquire 230 acres in New Cairo.

According to this agreement, a giant real estate project is expected to take place in this strategic location where the two companies will kick off the initial phase of the project by developing 60 acres with an expected sales value of EGP 75 billion.