Under the MoU, Madinet Masr and Waheej will jointly study and develop residential, commercial, and administrative projects throughout Saudi Arabia. This collaboration includes sharing technical and financial expertise and information, directly supporting Saudi Vision 2030's objectives to increase homeownership and improve the quality of life for residents. The agreement underscores the strong desire of both parties to forge a strategic partnership with significant potential.
The MoU allows for the potential formation of a joint real
estate development company in Saudi Arabia. Specific agreements, detailing
clear commitments for both parties, will be signed for each individual project.
Engineer Abdallah Sallam, CEO and Managing Director of
Madinet Masr, stated that this partnership is a significant step in the
company's regional expansion, particularly into Saudi Arabia's booming urban
and economic market.
Sallam added that Madinet Masr values its cooperation with Waheej Real Estate Company and looks forward to transforming this agreement into tangible and successful on-the-ground projects.