Cairo, 8 May 2024 – In a new path of enriching the Egyptian Saudi collaboration through “Adeer International Egypt,” a subsidiary of “Adeer Holding Group and Sumou Holding,” as a gateway for exchanging experiences and investments between the Egyptian market, the Saudi market, and global markets, Melee, has joined forces with Adeer Holding, a part of Sumou Real Estate, the leading Saudi Arabian company, renowned for providing comprehensive real estate development services with a focus on creating sustainable neighborhoods and vibrant communities. The two entities have signed a momentous Memorandum of Understanding (MoU) to establish a new company for the development, preparation, and management of several social sports clubs across the Kingdom of Saudi Arabia, supported by Melee’s extensive experience in the field of managing and operating social leisure sports clubs.
The agreement was signed by Mr. Gasser Bahgat, Chairman of the Board and CEO of Melee, and Mr. Saeed Al Nahdi, Managing Director of Adeer Holding Group. To be the Vanguard of Social Sports and Entertainment Clubs in Saudi Arabia, as well as a professionally specialized club in the Field of Equestrianism.
Under the terms of this agreement, the establishment new business will be responsible for the development, preparation, and management of a group of sports social clubs all over the KSA.
Melee is the first Egyptian company to develop this concept out of the country, which will be one of its kind in the kingdom to meet the high demand for high-end entertainment facilities and provide a healthy lifestyle for Saudi citizens.
Regarding the collaboration, Gasser Bahjat stated, “We are thrilled to partner with one of the top-notch entities in KSA, Sumou Real Estate, with its extended history in the real estate development sector, and creating communities to meet the needs of all people. By combining our strengths and resources, we aim to create exceptional sports clubs that will not only provide top-notch facilities but also foster a sense of community, camaraderie, and culture exchange among the Saudi youth and families. Hoping that this milestone is the start of a long-term collaboration and real participation in supporting the plan of sustainable development 2050, started in Egypt and Saudi Arabia.”
Saad Al-Hindi expressed his enthusiasm for the collaboration, reporting, ” We are dedicated to creating innovative and sustainable communities aligned with the kingdom’s targets to develop the Saudi society and to achieve the kingdom’s vision 2023. The partnership with Melee is considered a genuine representation of our commitment supported by Melee’s unconventional ideas and innovative philosophy in all of its projects. This will be a great chance for ongoing collaboration that aligns perfectly with our vision, to provide nothing short of the best for Saudi society.”
The collaboration between Melee and Adeer Holding is a positive milestone in the way of the joint venture. Both companies will exert their utmost efforts to ensure the success of this groundbreaking venture in the Kingdom. They will achieve this by developing a significant number of Social Sports clubs that will participate in developing the sports and entertainment sector in Sudi Arabia with Melee’s expanded experience in developing these kinds of clubs, Egypt distinguished with a long years ago and its capability to founded these clubs, operating, managing, and accomplishing the highest investment revenues which will beneficiate both sides.
Eng. Bassel Al-Sayrafi, CEO of Adeer International, expressed that this partnership is a unique opportunity to enhance cooperation through sports and community activities. He expressed his pleasure regarding the new agreement, which is expected to contribute to diversifying investments in different markets, particularly in the real estate sector.
About Somo Holding Company
Somo Holding Company is a globally recognized institutional investor that fosters growth in strategically important sectors for the local and global economy. Officially established in 2008, the company has since gained a significant market reputation as a highly successful holding company based in the Kingdom of Saudi Arabia. Somo Holding Company combines international expertise, local market knowledge, and capital to enhance business growth in regional markets. We have experience in forming alliances of capital and talent and enhancing investment mechanisms in response to regional opportunities, in line with the Kingdom’s Vision 2023 and meeting the requirements of future generations.
About Adir Holding Company
Adir Holding Company, a part of the Somo Holding Group, focuses on the marketing and real estate investment sector in the Kingdom. The company has succeeded in strengthening its presence and affirming its position as a leading player in this vital sector by offering an integrated real estate service system. Its success in marketing and selling numerous large-scale projects and organizing high-level real estate auctions stems from its extensive experience. Adir relies on a national workforce characterized by passion, willpower, determination, and innovative thinking, earning trust from its clients and making it the first choice for investors, businessmen, and real estate development companies. Adir Real Estate aims to continue its successful journey by enhancing its capabilities and harnessing all its resources to ensure the continued excellence and development of this domestic entity, reflecting on the company’s clients and achieving its goals.
About Melee
Melee is a pioneering company, established in 2023 in partnership with Al-Ahly Sabbour Company, the leading real estate company in Egypt and the Middle East, Mr. Gasser Bahgat, a real estate development specialist, and other partners. Melee focuses on developing commercial, administrative, sports facilities, hotels, and entertainment projects with a dedicated team of professional experts and talented fresh and young teams, aiming to create functional and aesthetically appealing spaces for the Egyptian market that meet the evolving needs of companies and communities.
About Adeer International
Adeer International is a subsidiary of Adeer Holding, which is owned by Saudi-based SMO Holding Group. Adeer International was established to serve as a gateway for facilitating mutual investments between Saudi Arabian investors and the global market. It supports various investment opportunities and provides worldwide real estate services. Adeer International distinguishes itself through its global presence, with offices located in the United Kingdom, the Arab Republic of Egypt, and Malaysia, to support its investors.
