Paragon Developments and Adeer International Form Strategic Alliance to Develop 1 million Square Meter Project in East Cairo
Paragon Developments has announced a strategic alliance with Adeer International to develop a massive mixed-use project spanning 1 million square meters in East Cairo. The announcement was made during a signing ceremony held yesterday at the Four Seasons Nile Plaza Hotel, attended by Eng. Bedeir Rizk, CEO of Paragon Developments, Eng. Mohamed Bedeir, the Chairman of paragon Developments, Eng. Bassel Elserafy, CEO of Adeer International, and Dr. Ayed Al-Qahtani, Chairman of the board of directors of Sumou Real Estate Company.
The alliance will oversee the development of an integrated complex covering 1 million square meters in East Cairo, including administrative, commercial, and hotel spaces. The first phase of the prohect will be developed on a land area of 250,000 square meters, with a built-up area of approximately 350,000 square meters. It will feature upscale hotels, serviced apartments, shopping centers, and office spaces. The total sales for the first phase of the project are expected to reach 1.5 billion dollars (approx. 80 billion EGP), reflecting the substantial investment and importance of this project in supporting the Egyptian economy and achieving Egypt’s Vision 2030.
The first phase of the project includes the development of 250,000 square meters, with plans for expansion in subsequent phases. The alliance also aims to explore investment opportunities in other regions, leveraging international expertise in real estate development and hospitality.
Commenting on the collaboration, Eng. Bedeir Rizk, CEO of Paragon Developments, said: “This alliance marks a significant step in our company’s growth strategy on both the local and regional levels. Our extended partnership with Adeer International, renowned for its outstanding reputation and extensive experience globally, reflects our ambitious plans for expansion and innovation. We are committed to exploring new horizons beyond the Egyptian market, including Saudi Arabia, to offer distinguished and innovative experiences in various markets. This collaboration is a vital opportunity to enhance our capabilities and expand our impact by delivering integrated real estate projects that contribute to sustainable development and meet our clients’ aspirations.”
He added, “We believe this collaboration will bolster our ability to realize our ambitious vision of developing integrated real estate projects that elevate the quality of life and meet the needs and aspirations of our clients. We will deliver projects of high quality in accordance with international standards, contributing to the sustainable development of the Egyptian economy.”
Rizk also noted that this project would enhance luxury tourism in Egypt by introducing new brands that have not previously been present in the Egyptian market. He added, “We aim to make this project a leading model of technology and innovation in the real estate market, integrating art, culture, and entertainment into all aspects of the project, with a focus on regenerative development and placemaking geared towards the highest sustainability standards.”
The project aims to significantly contribute to Egypt’s economic development in line with the state’s Vision 2030 by creating new job opportunities, attracting foreign investments, and boosting the real estate and tourism sectors.
About Paragon Developments:
Paragon Developments is a leading Egyptian developer with extensive experience and a proven track record of achievements. The company delivered its “Paragon 1” project in the Financial District of the New Administrative Capital, with 80% of the project’s sales coming from abroad, reflecting the company’s strategic focus on attracting foreign investors and expatriates. Paragon has launched three projects in the Egyptian market with a total built-up area of 120,000 square meters, aiming to reach a developed area of 1 million square meters by 2025.
About Adeer International:
ADEER International Egypt is owned by ADEER Holding Company, A part of the Sumou Holding Group for investments in Saudi Arabia, established in 2008 to provide a wide range of innovative services in the real estate industry, adhering to international standards across all real estate sectors.
ADEER Saudi Arabia began its operations in 2012, initially focusing on providing integrated real estate solutions. Over the course of more than 10 years, it has achieved numerous accomplishments and record-breaking sales, earning the title of the best real estate company in the Kingdom in 2015 and 2022. Recently, ADEER expanded its operations to the UK market in 2022.
ADEER International Egypt headed to the Egyptian market in 2023 and proved its presence as a window for exchanging international investments and expertise with a group of distinguished deals that made it a different mark in the market, including the Paragon Real Estate Development for sustainable administrative buildings in Saudi Arabia, the acquisition of Shark Hub Egypt, and the ADEER Plaza project in Sheikh Zayed, Establishing the PropteX Fund for technology investment in the real estate sector, and launching the ADEER Lounge project.
ADEER International Egypt offers services in property portfolio management, sales, leasing, property and asset management, investment, brokerage, and real estate marketing. It has recently announced its entry into the Egyptian market and has plans for development and expansion within this promising market.
