Graced by the presence of esteemed dignitaries, Deputy Minister for Real Estate Development at the Ministry of Municipal and Rural Affairs and Housing, and Assistant Deputy of Services Sectors in the Investment Development Deputyship at the Ministry of Investment.
Tatweer Misr – one of the leading real estate development companies in Egypt- announced the signing of a strategic partnership with Naif Alrajhi Investment – one of the largest Saudi companies working in real estate, financial markets, partnerships and acquisitions – to establish a joint venture for construction and real estate investment. This partnership aims to develop integrated urban projects and tourist resorts according to the highest international standards in KSA, in order to create added value to the Saudi real estate market through the expertise of both entities and help contribute to achieving the Kingdom’s Vision 2030.
The partnership was signed in the Saudi capital Al Riyadh, at the Fairmont Ramla Serviced Residences, one of Naif Alrajhi Investment’s projects. The contract was signed by Naif Saleh Alrajhi, the Founder and CEO of Naif Alrajhi Investment, and Dr. Ahmed Shalaby, President and CEO of Tatweer Misr. The signing ceremony, held in Riyadh, was graced by the presence of esteemed dignitaries, including Abdulrahman Al-Tawil, Deputy Minister for Real Estate Development at the Ministry of Municipal and Rural Affairs and Housing, and Ammar Mohammad nour Altaf, Assistant Deputy of Services Sectors in the Investment Development Deputyship at the Ministry of Investment. The event also witnessed the participation of officials from both companies and representatives from major media institutions in Egypt and Saudi Arabia.
In line with the strategic vision of the two companies, this partnership reinforces cooperation and exchange of expertise in real estate to establish integrated urban development. The cooperation entails developing projects that provide a distinctive quality of life, while providing multiple services, including operation and community management, to offer creative values to residents, visitors, and neighboring areas. This partnership aims at supporting the real estate development process and working on establishing residential, commercial, administrative, educational, entertainment and hospitality projects, as well as promoting investment inside KSA now, and in Egypt at later stage.
Dr. Ahmed Shalaby, President and CEO of Tatweer Misr said, “This strategic partnership with Naif Alrajhi Investment is the first step in our plan to expand in regional markets, and to replicate our unique experience in urban development in KSA. The company chose to start in KSA, owing to economic and urban booming in the Kingdom; in addition to investment advantages and incentives the kingdom offers to Arab and foreign investors”.
“Our selection of the Nayef Al-Rajhi Investment Group stems from its extensive expertise across diverse sectors, coupled with its significant stake in the Saudi real estate domain. This strategic partnership will foster substantial advancements in our collaborative ventures, initially within Saudi Arabia and subsequently extending to Egypt. Through the exchange of invaluable insights, we aim to deliver exceptional real estate offerings that surpass customer expectations and cater to their evolving demands.” Shalaby added.
Nayef Saleh Al-Rajhi, Chairman and CEO of Nayef Al-Rajhi Investment Group, expressed his delight at the strategic partnership, stating, “We are pleased to enter into this collaboration with Tatweer Misr, a renowned company in the field. Leveraging our extensive experience in investment and real estate development, we will steer strategic partnerships towards new horizons, in alignment with the goals of the Kingdom’s Vision 2030. Our focus on vital sectors that support the national economy, particularly the real estate sector, which has experienced remarkable growth in recent years, reflects our commitment to propelling comprehensive urban development.”
Emphasizing the robust support extended to the real estate sector in Saudi Arabia, Mr. Alrajhi highlighted the array of administrative and investment facilities available to attract local and international investments. The Saudi market presents a myriad of investment opportunities within the real estate sector.
The partnership underscores Tatweer Misr’s remarkable accomplishment in attaining one of its key strategic imperatives – regional expansion and optimizing returns on investment for its esteemed investors, valued customers, and esteemed partners. This significant milestone represents a natural progression in the company’s continuous trajectory of success since its establishment in 2014. Tatweer Misr has successfully introduced six integrated, sustainable, and technologically advanced projects in strategic locations throughout Egypt, while effectively delivering, operating, and managing two flagship ventures. These developments have significantly contributed to fostering an exceptional quality of life that has garnered praise from both residents and visitors alike. Looking ahead, Tatweer Misr is steadfast in its commitment to deliver and operate two additional projects by the conclusion of this year, further solidifying its reputation as a leader in the industry.