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Saudi Samo Targets Major Stake in Midar
Saudi company Sumo Holding plans to initiate a next-of-kin due diligence process to acquire a majority stake in the Egyptian company Midar for Investment and Urban Development at the beginning of 2027, with the aim of completing a potential acquisition deal before the end of June 2027. Sumo Holding has offered to purchase between 60% and 80% of the Egyptian company at a value approaching two billion US dollars, while Midar's valuation is estimated between 2.5 and 3 billion dollars. Negotiations are currently ongoing regarding the payment mechanism, as Midar prefers full payment upfront, whereas Sumo is seeking to spread the payment over two years. Since its establishment in 2006, Midar has been developing residential and commercial projects in Egypt, and has previous partnerships with major companies such as Emaar and Sodic. Sumo Holding, headquartered in Al Khobar, Saudi Arabia, operates in the real estate and service sectors regionally.
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