Saudi Arabia and Egypt will team up for $1bn of real estate investment opportunities in the Kingdom.
The Egyptian government, represented by the Arab Organisation for Industrialisation (AOI), signed in Cairo a memorandum of understanding (MoU) with a Saudi-Egyptian alliance, represented by the companies Alupco “Olayan Group,” Okta International, and City Edge Developments.
The collaboration was solidified through the signing of an MoU on logistical supply for real-estate development projects in the Kingdom of Saudi Arabia to be implemented by the alliance.
Saudi-Egyptian alliance eyes real estate opportunities
The ceremony was graced by the presence of the Saudi ambassador to the Arab Republic of Egypt, Osama bin Ahmed Nugali, AOI President Major General Eng. Abdel Rahman Abdel Azim, and embassy Commercial Attaché Anwar bin Hasusa.
Ambassador Naqli expressed the Kingdom’s warm welcome and strong support for initiatives that enhance the existing cooperation between the two countries.
He also emphasised the importance of opening up investment opportunities for Egyptian companies and fostering the exchange of experiences and integration between both sides, benefiting both nations.
Abdel Azim expressed his appreciation for the cooperation between the Saudi-Egyptian alliance.
He confirmed his eagerness to enhance this cooperation through various investment projects that aim to strengthen the partnership between the two countries.
Moreover, these projects will create significant job opportunities and attract investments.
Abdel Azim clarified that the purpose of the MoU is to engage in providing logistical support for real-estate development ventures in the Kingdom.
The alliance plans to execute projects worth approximately $1bn in the near future.
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