Egyptian tycoon Hassan Allam’s group to develop multi-million dollar project in East Cairo
Key Point
- Hassan Allam Properties partners with Adeer International for a multi-million dollar project in East Cairo, marking its first mixed-use development in the area.
- Adeer International secures three major deals to enhance real estate investments between Egypt and Saudi Arabia, including this new project.
- Hassan Allam Holding, with a construction backlog exceeding $3 billion, expands its regional presence.
Hassan Allam Properties, the real estate and property development arm of Hassan Allam Holding, a privately held engineering and construction conglomerate led by Egyptian businessman Hassan Allam, is set to embark on a multi-million dollar project in East Cairo.
The agreement to develop this project was sealed with real estate solutions provider Adeer International. The development will be the first mixed-use residential, commercial, and administrative project in the area, with initial investments ranging between $100 to $150 million.
Boosting real estate investment
This partnership is one of three deals secured by Adeer International, following a memorandum of understanding signed in early 2024 to boost real estate investment opportunities between Egypt and Saudi Arabia.
Bassel El Serafy, CEO of Adeer International Egypt, stated, “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.”
Construction and engineering excellence in the Middle East
Hassan Allam Holding, led by Hassan Allam and his brother Amr Allam, boasts a formidable legacy spanning over eight decades in the engineering, construction, and utilities sectors. With a construction backlog exceeding $3 billion, the company has significantly contributed to economic growth across North Africa and the Middle East.
In March 2024, the conglomerate inaugurated its regional headquarters in Riyadh, Saudi Arabia, furthering its ambitions in the Middle East and Africa. Additionally, Hassan Allam Holding has expanded its presence in the UAE, Oman, Libya, Jordan, and Algeria.
Hassan Allam’s bold energy move
In recent ventures, Hassan Allam Holding signed a land access agreement with the Egyptian government for a 10-gigawatt onshore wind farm, potentially valued at over $10 billion.
The project, one of the world’s largest, involves a consortium including Hassan Allam Utilities, the sustainable infrastructure-focused development and investment platform of Hassan Allam Holding, Masdar, and Infinity Power. The consortium was granted access to a 3,025-square-kilometer site in West Suhag.
Additionally, The Sovereign Fund of Egypt, in collaboration with Hassan Allam Utilities, announced last month a $14-billion investment in a green ammonia plant. This project is part of a broader agreement with BP, Masdar, and Infinity Power to develop a green ammonia facility at Ain Sukhna Port on the Gulf of Suez’s western coast.