Naif Alrajhi Investment, Tatweer Misr partner to develop real estate in KSA

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Naif Alrajhi Investment, a leading group in real estate development, investment, partnerships and acquisitions, has entered into a strategic partnership agreement with Tatweer Misr, one of Egypt's foremost real estate development companies. The signing ceremony, held in Riyadh, was attended by 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.

The agreement aims to establish a joint venture between Naif Alrajhi Investment and Tatweer Misr in the construction, building and real estate investment sectors. The collaboration will focus on developing integrated urban projects and tourist resorts in the Kingdom, adhering to international standards. By combining the expertise of both entities, this partnership aspires to contribute to the realization of the Kingdom's Vision 2030.

The signing of the partnership contract took place at the Fairmont Ramla Serviced Residences in Riyadh, a project undertaken by Naif Alrajhi Investment. Naif Alrajhi, founder, chairman and CEO of Naif Alrajhi Investment, and Dr. Ahmed Shalaby, co-founder president and CEO of Tatweer Misr, sealed the agreement, heralding a new era of cooperation and knowledge exchange between the two companies in the real estate sector.

The partnership seeks to foster cooperation and exchange of expertise between the two companies in the real estate sector. It aligns with the strategic visions of both companies to achieve comprehensive urban development, including the development of projects that provide a distinguished quality of life and various services for communities, thereby creating added value for residents, project stakeholders and neighboring areas. The partnership will support real estate development and work on the creation of residential, commercial, administrative, educational, recreational and hospitality projects. It will also contribute to promoting investment within the Kingdom at the current stage and in Egypt in later stages.

Chairman Alrajhi said: "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 toward 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, 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, he said.

Shalaby, meanwhile, said: "The strategic partnership with Naif Alrajhi Investment group marks the initial step in our company's journey to expand into regional markets, replicating our successful experience in urban development in Egypt."

We have chosen to initiate this venture in Saudi Arabia in light of its thriving economy and rapid urban development, complemented by an investment climate that offers favorable incentives. Tatweer Misr aims to establish a partnership with Naif Alrajhi Investment to leverage their extensive experience across various investment sectors, including real estate. This collaboration will contribute to the success of joint projects in Saudi Arabia and subsequently in Egypt, with an exchange of experiences to better understand the real estate trends in both countries and deliver real estate products that cater to customer needs."