S. Arabia’s Sumo eyes major real estate investments in Egypt

Egypt’s Prime Minister Moustafa Madbouly held a meeting on Monday with a high-level delegation from Saudi Arabia’s Sumo Holding Group headed by Chairman Ayed Al Qahtani to discuss the company’s plans to expand its investments in Egypt, with a particular focus on the real estate sector.

The meeting, attended by several senior executives from Sumo Holding and its subsidiaries touched on the group’s intention to establish a real estate investment fund in Egypt.

Al Qahtani said the fund would be based on models approved by the Saudi Capital Market Authority (CMA). He added that it would be the company’s first such initiative in the Egyptian market.

Madbouly stressed Egypt’s commitment to providing incentives and easing procedures for investors across sectors, highlighting ongoing efforts to create a competitive investment environment.

He also pointed to the Egypt-Saudi agreement on investment protection and promotion, noting that most longstanding issues facing Saudi investors had been resolved.

Al Qahtani noted that Sumo Holding operates in eight countries and plans to expand to 30.

He added that the company is also exploring opportunities in downtown Cairo, citing its prime location and ongoing urban development, which could help position the area as a global tourism hub.

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama