Madinet Masr (EGX: MASR.CA), one of Egypt’s leading real estate development companies, announced the signing of a Memorandum of Understanding (MoU) with Waheej for Real Estate, a licensed Saudi real estate developer, as part of its strategy to expand regionally and explore new investment opportunities.
The MoU was signed at Waheej for Real Estate’s headquarters in Riyadh by Eng. Abdallah Sallam, President & CEO of Madinet Masr, and Eng, Rashid Saud Al Jadoua, CEO of Waheej for Real Estate.
The MoU aims to explore and develop residential, commercial, and administrative projects in the Kingdom of Saudi Arabia by leveraging the exchange of technical and financial expertise and information.
This initiative aligns with the objectives of Saudi Vision 2030 and supports homeownership opportunities and the quality of life for both citizens and residents.
The signing of this MoU reflects both parties’ desire to build a promising strategic partnership based on mutual understanding and full compliance with applicable regulations.
Leadership Perspectives on the New Partnership
Commenting on the partnership, Eng Abdallah Sallam, President & CEO of Madinet Masr, said: “This partnership marks an important milestone in our expansion strategy across regional markets particularly in Saudi Arabia, which is witnessing remarkable urban and economic growth.
We are proud to collaborate with Waheej for Real Estate and look forward to turning this agreement into tangible, successful projects on the ground.”
Eng. Rashid Saud Al-Jadoua, CEO of Waheej for Real Estate, added: “We are pleased to partner with Madinet Masr, a company with extensive expertise in real estate development.
Through this collaboration, we aim to exchange knowledge and deliver impactful projects that support the housing sector and contribute to the Kingdom’s broader development objectives.”
Plans for Joint Ventures and Project Implementation
The MoU outlines the potential establishment of a joint real estate development company in Saudi Arabia.
Independent agreements will be signed for each project, clearly defining the responsibilities of both parties.
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