The head of the Saudi National Real Estate Committee indicated that Saudi Arabia has ambitions to extend and improve collaboration with Egypt in the near future.
Chairman Mohammad al-Murshed stated during his speech at the Saudi-Egyptian Real Estate Forum that he had a great desire to increase and broaden collaboration with Egypt by utilising the investment prospects provided in the real estate industry.
According to him, the Saudi economy has experienced positive growth in all economic sectors in recent years, which has resulted in numerous regional and international successes.
Saudi Arabia is one of the top 20 economies in the world, and its goods are sold in more than 140 countries around the world.
Murshed claimed that the Saudi government, which is headed by King Salman, the Custodian of the Two Holy Mosques, is launching initiatives, programmes, and massive projects that will help the country realise Vision 2030, which aims to persify sources of income, draw more domestic and foreign capital into the Saudi market, and forge strategic alliances.
He named a number of significant Saudi Arabian projects, including the NEOM project, the Red Sea, Qiddiya, Amaala, the Ministry of Housing initiatives, and other enormous projects where the real estate sector plays a major and essential role.
Murshed invited Egyptian business people to take advantage of these chances by forming strategic alliances with Saudi business people.
Hisham Tawfik, Egypt's Minister of Public Business Sector, commended the developments in both the Kingdom and Egypt in his inaugural statement while underlining the leadership's astute vision in both nations.
The minister went over the Egyptian government's partnerships with investors and developers as well as investment opportunities in Egyptian real estate.
Furthermore, Khaled Abbas, the deputy minister of housing, utilities, and urban communities for Egyptian national projects, emphasised the need of enhancing Saudi Arabia and Egypt's collaboration in all economic and commercial sectors, including real estate.
In collaboration with the Saudi Chambers Federation and the Saudi Egyptian Businessmen Council, the Egyptian Businessmen Association held the second Saudi Egyptian Real Estate Forum.
Prime Minister Mustafa Madbooly of Egypt oversaw its inauguration. At the forum were the ambassador of Saudi Arabia to Egypt, Osamah bin Ahmed Nugali, as well as executives from major Saudi and Egyptian real estate firms.
Fathallah Fawzy, chairman of the Egyptian Businessmen Association's construction and building committee, claimed that Saudi Arabia, with investments totaling over $32 billion, is one of the top nations investing in Egypt across a range of sectors.
Fawzy stated that Egypt anticipates the fantastic potential available for Saudi investment and cited the real estate sector as having earned over EGP240 billion in 2021.
The CEO of the General Authority for Investment and Free Zones (GAFI), Mohamed Abdel-Wahab, met with a delegation of the Real Estate National Committee connected with the Federation of Saudi Chambers on Sunday in Cairo. The group was led by Murshed.
The two sides discussed potential investment prospects and the likelihood of creating new markets for bilateral investments during the meeting.
Representatives from 27 significant Saudi businesses in the fields of industry, agriculture, construction materials, and real estate development were part of the group.
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