Egyptian tycoon Hassan Allam’s firm forms strategic partnership with Saudi real estate giant Sumou
Hassan Allam Properties, a prominent player in the real estate sector and a subsidiary of the well-established Hassan Allam Holding, led by Egyptian tycoon Hassan Allam, has formalized a Memorandum of Understanding (MoU) with Saudi Sumou Holding. This signifies a strategic move towards establishing a real estate development company in Saudi Arabia.
At the signing ceremony, Jarallah bin Mohammed Al Amrah, CEO of Sumou Holding, and Mohamed Medhat Allam, CEO of Hassan Allam Properties, represented their respective companies. This agreement is a noteworthy step in fostering collaboration between Egyptian and Saudi markets, as well as global markets.
The collaboration, facilitated by ADEER International Egypt, a subsidiary of ADEER Holding, aims to promote cooperation between the two companies for the development of high-quality real estate projects in both the Kingdom of Saudi Arabia and Egypt.
Enhancing real estate sector: CEOs laud new horizons in Saudi Arabia and Egypt
This partnership serves as a platform for exchanging experiences and accessing prime investment opportunities. Bassel El-Serafy, CEO of ADEER International Egypt, stressed the potential for the partnership to exchange visions and ideas about the future of the real estate sector in both countries.
Sumou Holding CEO Jarallah bin Mohammed Al Amrah, expressed confidence in the alliance, stating, “This is an important regional cooperation to achieve development goals. We are confident that this alliance will enhance our ability to provide quality and sustainable projects that meet the aspirations of our clients in Saudi Arabia and Egypt.”
Mohamed Medhat Allam, CEO of Hassan Allam Properties, highlighted the benefits of the partnership, stating, “This cooperation will contribute to supporting the real estate sector in both countries and will open up new horizons for sustainable development.”
Hassan Allam Holding, a leading force in engineering and real estate
Hassan Allam Holding, led by visionary businessman Hassan Allam and his brother Amr Allam, is a powerhouse in the engineering, procurement, construction, building materials, and utilities industries.
With over eight decades of experience, this privately held corporation is a major player in North Africa and the Middle East. Their success in delivering large-scale projects, evident in a construction backlog exceeding $3 billion, underscores their significant contributions to the region’s economic development.
In January 2024, Hassan Allam Holding secured an equity investment of up to $75 million from the European Bank for Reconstruction and Development (EBRD) through its funding vehicle, HAU Energy BV, further solidifying its position in the industry.
This strategic collaboration between Hassan Allam Properties and Sumou Holding is poised to make a substantial impact on the real estate landscape in Saudi Arabia and Egypt, ushering in a new era of development and growth.