PHOTO
The "Saudi-Egyptian Real Estate Investment" conference launched in Riyadh, under the theme "Integration, not Competition." The sessions and rich discussions resulted in comprehensive action plans to enhance cooperation between Egyptian and Saudi real estate developers.
Developers explored various concepts aiming to achieve integration and mutual benefit between the Egyptian and Saudi markets. They reviewed successful experiences of collaboration between Egyptian and Saudi real estate developers, as well as the points of divergence and convergence between the two real estate models.
Investors discussed the projects targeted by the Saudi Ministry of Municipal and Rural Affairs and Housing, amounting to over SAR 68.7 billion (USD 18.3 billion), along with urban development goals according to Egypt's 2030 vision.
Egypt's Administrative Capital Company presented the advantages of investing in real estate in Egypt, and the incentives provided by the Egyptian government to investors.
Common Visions
The Real Estate Investment conference concluded with several recommendations aimed at strengthening integration between Egypt and Saudi Arabia in the real estate market. These include enhancing shared spaces for urban development in both countries, facilitating private sector participation, and providing golden permits for targeted Saudi real estate projects in Egypt to expedite their implementation.
Recommendations emphasized intensifying the activities of the real estate committee at the "Egyptian-Saudi Business Council" to increase joint business events between developers from both countries. Additionally, the removal of any legislative obstacles hindering integration between Egypt and The Kingdom or impeding the 2030 plans in both countries was highlighted. They called for leveraging Saudi expertise in real estate funds and enhancing their role in financing joint projects in both countries.
Furthermore, recommendations highlighted the importance of issuing a booklet outlining available real estate opportunities in the Egyptian market, legislative frameworks protecting investors, and investment incentives. The establishment of a high-level real estate export authority under the Egyptian Cabinet, involving relevant ministries, the Real Estate Development Chamber, and the Real Estate Investment Sector, was proposed to provide more assurance to Saudi investors.
There was a strong call for the development of a list of property specifications preferred by Saudi investors for consideration in Egyptian real estate projects, the removal of obstacles to registering properties in Egypt, and the creation of a mechanism to finance non-Egyptian clients, including Saudis.
Additionally, participants stressed the need to promote green building culture to address climate change impacts and reduce energy consumption.
Major Partnership Opportunities
Abdul Rahman bin Abdullah Al-Taweel, Deputy Minister of Municipal and Rural Affairs and Housing for Real Estate Development in Saudi Arabia, emphasized the depth of economic and political relations between Saudi Arabia and Egypt.
Al- Taweel highlighted Saudi Arabia as the top global and Arab investor in Egypt, with existing investments exceeding $55 billion.
“The Saudi companies have great confidence in the Egyptian market, evidenced by the presence of 6,225 Saudi industrial companies operating in Egypt with investments of $30 billion. Additionally, there are 518 Egyptian companies operating in the Saudi market, along with 285 Egyptian brands spread across the Kingdom”.
Eng. Ahmed Sabour, the conference's secretary-general and chairman of the board of Al Ahly Sabbour for Real Estate Development, stated that the conference “successfully attracted Gulf investors to Egypt by providing a comprehensive explanation of the state's efforts in real estate exports, aiming to achieve an annual revenue of around $3 billion from 'real estate exports.' It also highlighted the numerous sustainable cities recently launched by Egypt, and the investment gains associated with them”.
In the same context, Dr. Ahmed Shalaby, President of the Egyptian Real Estate Council, stated that the conference revealed the alignment of perspectives between Egyptian and Saudi developers on the necessity of launching joint projects and exchanging experiences between the two countries. He emphasized the promising opportunities within the Egyptian market.
Shalaby stressed that the recent trend of some companies investing in the Saudi market serves the domestic market by attracting Gulf investments and supporting urban development efforts in Egypt.
Basem Klila, Chairman of the Board of “Expo Republic”, pointed out that the conference took place alongside the “Nile Real Estate” exhibition, which witnessed significant interest from Saudi Arabia. Klila said, “The number of executed operations was immense by all measures, making it an exceptional edition in all aspects”.
-Ends-