Egypt’s property developer Al Ahly For Real Estate Development Company is set to launch a new branch in Saudi Arabia within four years to implement its share in the country’s housing scheme, said its chairman Hussein Sabbour Thursday.
He told Amwal Al Ghad that establishing the new branch is in the frame work of the agreement signed between the company and the Saudi housing ministry to carry out 150.000 housing units for middle income earners.
The 1.5 million-units project includes establishing 1.5 million housing units for middle-income earners. Four leading real estate companies mainly Al Ahly For Real Estate Development, Talaat Moustafa Group Holding Company and Misr Italia Group have signed a protocol to establish the project after the Saudi ministry of housing offered the scheme to the Egyptian firms.
Al Ahly For Real Estate Development has completed implementing one the largest project in UAE; a massive tower located at Dubai port. In addition the company is currently completing 1400 housing units with various spaces which would be delivered within a year.