In a move aimed at fostering real estate development, the Egyptian government and the Saudi-Egyptian Alliance of companies inked a memorandum of understanding (MoU). Egypt, represented by the Arab Organization for Industrialization, (AOI) will collaborate with the alliance, comprising Alupco, Olayan Group, Okta International and City Edge Developments. This alliance solidified their collaborative efforts through the $1 billion agreement on logistical supply for real estate development projects in Saudi Arabia.
The MoU will be executed by the Saudi-Egyptian alliance. This initiative represents a strategic move to enhance infrastructure and bolster the real estate sector in Saudi Arabia.
The signing ceremony, held in Cairo, witnessed the presence of dignitaries including the Saudi ambassador to Egypt, H.E. Osama bin Ahmed Nugali, major general Eng. Abdel Rahman Abdel Azim, AOI’s president, and Anwar bin Hasusa, embassy commercial attaché. Their presence underscored the significance of the partnership with the Saudi-Egyptian alliance and the commitment of both nations to furthering economic cooperation.
Read: GCC real estate sector set for growth in the first half of 2024
Enhanced cooperation
For his part, Eng. Abdel Azim, president of AOI, expressed his appreciation for the collaboration with the Saudi-Egyptian alliance. He reiterated his eagerness to enhance this cooperation through various investment projects that aim to strengthen the partnership between Egypt and Saudi Arabia.
Moreover, Azim emphasized that the purpose of the MoU with the Saudi-Egyptian Alliance is to provide logistical support for real estate development ventures in Saudi Arabia. It paves the way for projects worth approximately $1 billion in the near future. These projects signify a significant milestone in bilateral cooperation. Besides, they also hold the potential to create job opportunities and attract investments. Therefore, they will be contributing to the economic development of both nations.
Ambassador Nugali emphasized Saudi Arabia’s strong support for initiatives aimed at enhancing cooperation with Egypt. He also highlighted the importance of opening up investment opportunities for Egyptian companies and fostering the exchange of experiences. Hence, this benefits both nations and supports their growth.
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