Latest news with #MIDAR
Zawya
6 days ago
- Business
- Zawya
Sumou Holding plans to launch 1st real estate fund in Egypt
Arab Finance: Saudi Arabia's premier real estate enabler and investor Sumou Holding is planning to establish the first real estate fund in Egypt, according to a statement. In his meeting with Prime Minister Mostafa Madbouly, Sumou Holding's Chairman Ayaedh Al Qahtani affirmed that the real estate fund will make a significant shift in Egypt's investment landscape. Operating in Egypt through Adeer International, the group intends to launch its first project in the Egyptian market soon and expand its activities. The chairman praised Egypt's infrastructure sector and new city developments, such as the New Administrative Capital and New Alamein, among others. Moreover, he unveiled plans to invest in the Downtown area, given its prime location and the development work underway there, which encourages investment in the region. This will contribute to making the region a global tourism hub. On his part, Madbouly emphasized the importance of the investment protection and promotion agreement between Egypt and Saudi Arabia. He affirmed that the majority of the obstacles facing Saudi investors, which had been pending for years, have already been resolved. It is worth highlighting that Sumou Holding Group runs its business in eight countries, with plans to expand to 30 countries worldwide. In the same vein, Ayman Elkousey, CEO of MIDAR, highlighted the company's efforts to attract diverse investments and accelerate land development in East Cairo. MIDAR has received recognition from the Ministry of Finance after successfully attracting top real estate developers over the last period. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
7 days ago
- Business
- Zawya
Egypt's MIDAR, Saudi's Sumou partner on $1.4bln Boulevard project in East Cairo
Egyptian master developer MIDAR (Midar for Investment and Urban Development) has signed a revenue-sharing agreement with Saudi Arabia's Sumou Investment, represented by its subsidiary Adeer International, to co-develop a mixed-use project named Boulevard in Mostakbal City, East Cairo. Speaking to Zawya Projects, Ayman ElKousey, CEO and Managing Director of MIDAR, said the 60-acre project will be developed at a total investment of 70 billion Egyptian pounds ($1.4 billion). Covering an area of 5,200 acres, Mostakbal City is MIDAR's first master development. ElKousey added that 26 developers are currently executing projects within MIDAR's approximately 11,000-acre land holding in East Cairo, which also includes its second master development MADA City, spanning 5,800 acres. He said the company is targeting $7 billion in investments within its developments in the near future. In January 2025, MIDAR had inked a $2 billion strategic agreement with Sumou Investment, Adeer International, and Hassan Allam Properties to develop hospitality and leisure projects across premium Nile-front locations and within MIDAR's cities. ElKousey said Adeer International and Paragon Developments will establish a joint venture to lead the development of the new project. Adeer entered the Egyptian market in 2023 with the launch of 'Adeer Plaza' and established strategic partnerships with Hassan Allam Properties, Mili, and Paragon. (1 US Dollar = 49.07 Egyptian pounds) (Reporting by Eman Hamed; Additional writing by Marwa Abo Almajd; Editing by Anoop Menon) (
Economic Key
07-07-2025
- Business
- Economic Key
MIDAR Reports Over 500% Surge in FY2024 Profits
MIDAR for Investment and Urban Development, the founder and master developer of the mega-cities 'Mostakbal City' and 'MADA' in New Cairo, has announced its financial and operational results for the fiscal year 2024. The results reflect a significant increase in revenue and net profit growth rates, driven by the company's successful partnerships with major real estate developers in Egypt to advance projects within MIDAR's cities. The company's financial statements for FY 2024 revealed a remarkable revenue growth rate of 584%, underscoring the substantial progress in its operations over the past year. In terms of net profit, MIDAR continued its strong performance in the Egyptian market, solidifying its position as the preferred investment partner for local, regional, and global entities seeking to develop world-class real estate and entertainment projects. The net operating profit for 2024 surged by over 500% compared to the profits achieved in 2023. Eng. Ayman Elkousey, CEO and Managing Director of MIDAR for Investment and Urban Development, emphasized that these positive results reflect MIDAR's established leadership, achieved through years of dedicated work in the Egyptian market. He noted that the company's robust financial indicators demonstrate the success of MIDAR's pioneering approach as the master developer of sustainable integrated cities in Egypt. This success further incentivizes major investment entities to partner with MIDAR in developing modern, integrated residential and entertainment cities. Elkousey also expressed his pride in MIDAR's recognition by the Ministry of Finance during the 'Shokran' (Thank You) Conference, held in collaboration with the Egyptian Tax Authority. This acknowledgment highlights MIDAR's pivotal role in supporting the government's efforts to modernize the tax system. The honor reflects the state's appreciation for leading economic entities that uphold transparency, foster partnership, and strengthen trust between the government and taxpayers. تم نسخ الرابط
Zawya
07-07-2025
- Business
- Zawya
MIDAR announces fiscal year 2024 financial results with over 500% profit growth following successful partnerships with leading local and regional investors
Elkousey: MIDAR's Strong Financial Indicators Highlight Its Leadership in Applying the Concept of Master Developer for Sustainable Integrated Cities in Egypt MIDAR for Investment and Urban Development, the founder and master developer of the mega-cities "Mostakbal City" and "MADA" in New Cairo, has announced its financial and operational results for the fiscal year 2024. The results reflect a significant increase in revenue and net profit growth rates, driven by the company's successful partnerships with major real estate developers in Egypt to advance projects within MIDAR's cities. The company's financial statements for FY 2024 revealed a remarkable revenue growth rate of 584%, underscoring the substantial progress in its operations over the past year. In terms of net profit, MIDAR continued its strong performance in the Egyptian market, solidifying its position as the preferred investment partner for local, regional, and global entities seeking to develop world-class real estate and entertainment projects. The net operating profit for 2024 surged by over 500% compared to the profits achieved in 2023. Eng. Ayman Elkousey, CEO and Managing Director of MIDAR for Investment and Urban Development, emphasized that these positive results reflect MIDAR's established leadership, achieved through years of dedicated work in the Egyptian market. He noted that the company's robust financial indicators demonstrate the success of MIDAR's pioneering approach as the master developer of sustainable integrated cities in Egypt. This success further incentivizes major investment entities to partner with MIDAR in developing modern, integrated residential and entertainment cities. Elkousey also expressed his pride in MIDAR's recognition by the Ministry of Finance during the "Shokran" (Thank You) Conference, held in collaboration with the Egyptian Tax Authority. This acknowledgment highlights MIDAR's pivotal role in supporting the government's efforts to modernize the tax system. The honor reflects the state's appreciation for leading economic entities that uphold transparency, foster partnership, and strengthen trust between the government and taxpayers.
Tahya Masr
08-05-2025
- Business
- Tahya Masr
MIDAR Inaugurates Al Moez Mosque in "Mostakbal City"
Major General Eng. Amir Sayed Ahmad, Chairman of MIDAR for Investment and Urban Development, and Eng. Ayman ElKousey, CEO & Managing Director of the company, inauguratedAl Moez Mosque in Mostakbal City. The mosque spans 1,625 square meters and can accommodate over 2,700 worshippers. The event was attended by senior executives and board members of MIDAR, as well as a number of local and regional real estate developers participating in the development of their projects within MIDAR's cities, Mostakbal City and MADA. This comes as part of MIDAR for Investment and Urban Development's commitment to providing a wide range of integrated services for the city's residents, including places of worship, within a fully integrated urban community that meets all needs. Strategically located within Mercato, one of the largest service hubs in Phase III of Mostakbal City, the mosque lies within a vibrant 22-acre area that also includes commercial outlets and a dining district featuring prominent international brands - positioning it as a central destination for residents. Al Moez Mosque stands out with its unique Islamic architectural style, characterized by multiple domes, soaring minarets, and intricate Islamic motifs adorning the pulpit and interior walls, lending the space a sense of grandeur befitting a house of worship. The mosque comprises two levels - ground and upper -and offers two main prayer areas: an outdoor courtyard accommodating 1,384 worshippers, and an indoor men's prayer hall with capacity for 1,026 worshippers. A dedicated women's prayer area accommodates 384 worshippers. The mosque is equipped with modern amenities to meet the needs of worshippers, including multiple entry points and accessible pathways, elegantly designed ablution areas for both men and women, spacious waiting areas, and landscaped gardens. Additionally, the mosque features residential units for the imam and muezzin, a library stocked with key Islamic texts and references, and multipurpose rooms for community and social activities - establishing it as a comprehensive Islamic, cultural, and social center. Commenting on the occasion, Eng. Ayman ElKousey, CEO & Managing Director of MIDAR, stated:"The inauguration of Al Moez Mosque represents a significant milestone in the implementation of our city's master plan, which aims to provide top-tier residential, educational, healthcare, recreational, and commercial services in line with global standards." He added:" Al Moez Mosque is not just a place of worship; it is a beacon for Islamic, social, and cultural engagement that serves the entire community. At MIDAR, we are committed to ensuring that residents of our cities enjoy a dignified and holistic living experience."
