Riyadh – Sharikat Mubasher: Adeer International, a subsidiary of Saudi Arabia’s Sumou Holding Group, has partnered with Egypt’s PARAGON Developments to launch a new joint development entity focused on advancing strategic investment cooperation between the two countries.

Spanning more than 500,000 square meters and backed by over EGP 70 billion in investment, the project aims to create a smart, sustainable urban community combining administrative, commercial, and hospitality spaces, according to a recent press release.

The venture’s first project is a large-scale collaboration with MIDAR, the master developer of Mostakbal City, to build the city’s largest mixed-use development to date.

The signing ceremony brought together top executives from Adeer, PARAGON, MIDAR, and Sumou Holding Group. The partnership reflects both firms' vision to redefine urban living through smart infrastructure and sustainability, reinforcing their commitment to long-term regional development.