Tatweer Misr, one of the leading real estate development companies in Egypt, announced the signing of a memorandum of understanding (MoU) with the Saudi Arabian Ministries of Investment & Municipal and Rural Affairs and Housing in the Kingdom, to discuss investment opportunities in the Kingdom, and promote government initiatives that facilitate the procedures of real estate development.
The collaboration comes in light of Tatweer Misr’s expansion strategy, which aims to diversify its portfolio of projects, and achieve its goal of becoming an international player.
On the sidelines of Tatweer Misr’s participation in the MIPM exhibition – which is held in Cannes, France from the 14th till the 17th of March -, for the fourth consecutive year, the MoU was signed by Dr. Ahmed Shalaby, President and CEO of Tatweer Misr, and from the Saudi Ministry of Investment; Mr. Fahad J. Alnaeem, Deputy minister of Investments Development, and from the Ministry of Municipal, Rural affairs and housing; Mr. Abdelrahman AlTawil , Deputy minister for Real Estate Development.
The MoU achieves a common interest for both parties, as it aligns with Tatweer Misr’s strategy and vision to expand the volume of its business in major regional and international markets through developing integrated, sustainable and smart urban communities, and to maximize investment returns for shareholders, while highlighting the magnitude of real estate development brought forth by the Egyptian market.
The MoU also achieves the objectives of Saudi Arabia’s 2030 Vision in improving the quality of city services and the urban landscape. In addition to developing and diversifying opportunities; increasing residential ownership to 70%; and enhancing the participation of the private sector.
Mr. Fahad J. Alnaeem, Deputy minister of Investments Development, said, “The Ministry of Investment welcomes our partners from the Arab Republic of Egypt to invest in the Kingdom of Saudi Arabia. To contribute to the upcoming urban development which aims to achieve the goals of the Kingdom’s Vision 2030 and the National Investment Strategy while progressing the principles of strategic partnership aimed at developing investments and partnerships of all kinds.”
Mr. Abdelrahman AlTawil, Deputy minister for Real Estate Development, said ,” We welcome our partnership with the Egyptians companies and encourage the strengthening of joint cooperation in this vital sector in line with the Saudi Vision 2030 and the urban development taking place in the Kingdom which in turn, creates promising investment opportunities in the housing and urban development sector.”
And from his side Dr. Ahmed Shalaby, President and CEO of Tatweer Misr, said “The Saudi Arabian real estate sector possesses numerous competitive advantages that prompted us to study investment opportunities in the Kingdom – most remarkably being the largest real estate market in the Gulf Cooperation Council. Moreover, the Saudi Arabian real estate market is witnessing a large increase in demand due to the growing population, especially the young demographic, and a wide segment of middle-income citizens who can afford housing units. Furthermore, Saudi Arabia has provided various facilities to support developers, facilitate real estate developing procedures, obtain permits and licenses, and provide integrated advisory solutions.”
Shalaby added, “Tatweer Misr has recently been studying some promising investment opportunities in the Saudi Arabian real estate sector, and partnerships that can be established with developers in the Kingdom to develop joint projects as part of an aspirational goal of exchanging experiences that create added value to the Saudi real estate market. As Tatweer Misr embarks on this new joint venture, the company will continue to offer its clients an unmatched lifestyle through practices and approaches that revolutionize the concept of real estate development.”