Egyptian Government and Saudi-Egyptian Alliance Sign $1 Billion MoU for Real Estate Development in Saudi Arabia
Egypt and Saudi Arabian Alliance Sign $1 Billion Agreement for Real Estate Development
In a significant move aimed at bolstering the real estate sector in Saudi Arabia, the Egyptian government and the Saudi-Egyptian Alliance of companies have signed a memorandum of understanding (MoU). The agreement, worth $1 billion, focuses on providing logistical support for real estate development projects in Saudi Arabia.
The Arab Organization for Industrialization (AOI), representing Egypt, will collaborate with the alliance comprising Alupco, Olayan Group, Okta International, and City Edge Developments. The strategic partnership solidifies their commitment to enhancing infrastructure and promoting real estate development in Saudi Arabia.
The signing ceremony, held in Cairo, was attended by dignitaries including the Saudi ambassador to Egypt, H.E. Osama bin Ahmed Nugali, AOI President Eng. Abdel Rahman Abdel Azim, and embassy commercial attaché Anwar bin Hasusa. Their presence underscored the importance of the partnership and the shared commitment to fostering economic cooperation between the two nations.
Eng. Abdel Azim, president of AOI, expressed his enthusiasm for the collaboration with the Saudi-Egyptian Alliance and highlighted the potential for investment projects that will strengthen the partnership between Egypt and Saudi Arabia. The MoU aims to pave the way for projects worth $1 billion, creating job opportunities and attracting investments to benefit both nations’ economic development.
Ambassador Nugali emphasized Saudi Arabia’s strong support for initiatives aimed at enhancing cooperation with Egypt and creating investment opportunities for Egyptian companies. The exchange of experiences between the two countries will further support their growth and mutual prosperity.
The agreement between Egypt and the Saudi-Egyptian Alliance marks a significant milestone in bilateral cooperation and sets the stage for future real estate development ventures that will contribute to the economic advancement of both nations.
