Egyptian developer Al Ahly puts off plans to launch Saudi Arabia HQ

Egypt’s Al Ahly for Real Estate Development Company has decided to postpone plans to launch its first headquarters in Saudi Arabia until the first quarter of 2017.

The Egyptian property developer has also decided to delay signing new residential projects in the kingdom until completing studies.

“We need to complete financial studies on the projects first before signing new projects … Al Ahly has concerns over the financial crisis the Saudi kingdom is currently going through.” Hussein Sabbour, Chairman of Al Ahly, told Amwal Al Ghad on Sunday.

Saudi Arabia will be the second Gulf market Al Ahly would enter into after the UAE, where the Egyptian company carried out several distinguished projects, most recently a giant tower in a port in Dubai and a residential compound with a total of 1400 units at various spaces, Sabbour said.