Paragon Developments has come into a collaboration agreement with Adeer Holding, a subsidiary of Sumou Holding, to establish a new company for the management and development of administrative projects in the Kingdom of Saudi Arabia, under the name Paragon Saudi Arabia.
Industry sources added that this agreement was signed during a meeting between Paragon Developments and Adeer Holding on the sidelines of a seminar in Riyadh, Saudi Arabia, under the theme “Strategies for successful investment in Saudi Arabia, Egypt, and the UK”. The assembly was attended by Eng. Bedeir Rizk, CEO of Paragon Developments, and Meteb Hamad Al Saad, CEO of Adeer Holding.
Industry sources further added that this seminar encompassed numerous discussions on successful investment opportunities in both Egypt and Saudi Arabia, featuring insights from various global and local industry experts and developers. Additionally, in-depth conversations took place regarding real estate financing, which significantly contributes to building knowledge and establishing informed decisions about the global real estate market.
Industry sources also added that experienced bankers and financial advisors were present to raise awareness about successful investment strategies in the administrative real estate market. Adeer Holding, with its enthusiast expertise gained in Saudi Arabia since its establishment in 2012 as part of Sumou Holding, showcased its achievements, the esteemed Company also highlighted its presence in the United Kingdom, established in 2021, and its recent launch in Egypt during the past year.
“The collaboration with Adeer is the optimal choice due to their market leadership in the real estate sector and their extensive land portfolio. This partnership will enable us at Paragon to explore new horizons in Saudi Arabia, forming a comprehensive understanding of the real estate market in the Kingdom,” stated Eng. Bedeir Rizk, CEO of Paragon Developments. “We aim to lead the office and administrative building market with total investments reaching SR10 billion, equivalent to $2.7 billion, by the year 2025. It has been agreed upon to initiate projects in Riyadh and Jeddah, with the first project set to launch in the last quarter of the current year.”
Meteb Hamad Al Saad, CEO of Adeer Holding said: “We are delighted to collaborate with Paragon, as we believe in the necessity of relying on specialized expertise for any strong projects or investments. Therefore, we sought the assistance of Paragon, a leading Company in developing administrative real estate projects, known for its ability to establish such projects using modern technology and advanced techniques that promote sustainability and drive towards smart buildings, adding value to the real estate sector.
Industry sources confirmed that the primary focus of this agreement is to establish a framework for a collaborative partnership between Paragon Developments and Adeer Holding to produce Paragon Saudi Arabia, a real estate management and development company in the Kingdom. The agreement involves outlining a roadmap for the formation and operation of the new company, which will generate excellent opportunities for developing administrative projects within the Kingdom, starting with the super cities of Riyadh and Jeddah.
The focus will be on establishing sustainable administrative entities that prioritize comfort, well-being, modern technology, and Paragon’s philosophy, which emphasizes the importance of the human element as a fundamental pillar, prior to commencing any project, the human element will be the primary foundation, ensuring sustainability and providing a vibrant and suitable work environment that guarantees the highest levels of comfort and productivity.
