4 Egyptian property firms delay working on Saudi social housing project

Four Egyptian real estate companies delay working on Saudi Arabia’s social housing scheme until resuming the project’s negotiations.

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.

Hussein Sabbour, Chairman of Al Ahly For Real Estate Development, said that his company is currently in talks with the Saudi ministry of housing to determine the project’s mass of land, to pick out the funding sources and set out the targeted time-frame.

Sabbour anticipated that the project would start within a year so as to finalise the negotiations and allocate the real estate companies’ shares.