Egypt’s Al Ahly Real Estate receives offers for Saudi Arabian PPP projects

Egyptian Al Ahly for Real Estate Development says it has received offers to sign partnership agreement with one of Saudi Arabian firms to carry out a number of new residential flagships in the kingdom.

Al Ahly does not sign any official contracts to operate in Saudi Arabia till now, its chairman Hussein Sabbour said Tuesday, adding that the kingdom has received offers to sign partnership contracts with a Saudi Arabian firm.

Saudi Arabia government negotiated with four Egyptian real estate firms; Misr Italia Properties, Talaat Moustafa Group Holding (TMG), Al Ahly for Real Estate Development, and SECON to execute new projects there within the next period, Sabbour further told Amwal Al Ghad.

“The negotiations between Saudi Arabian governments and the real estate firms are still continuous,” the Egyptian official referred.