One of key property firms in Saudi Arabia plans to invest 10 billion Egyptian pounds ($612.8 million) in the Egyptian real estate sector, a Saudi official said on Sunday.
The investments will be in areas of real estate investment and marketing in addition to touristic resorts, said the National Real Estate Committee Council of Saudi Chambers’ chairman Hamad Al Showair.
Saudi investors have a keen interest in in Upper Egypt investment opportunities, Al Showair added.
Earlier in June, a delegation from the National Real Estate Committee Council of Saudi Chambers concluded a visit to Egypt which aimed to attract and increase Saudi investments in the Egyptian construction and real estate sector.
The visit explored the economic reforms and investment incentives provided by the Egyptian government.
The delegation, which included more than 50 Saudi investors from major real estate development companies, also met with the head of Egypt’s state-owned Administrative Capital for Urban Development.