Egypt’s Akam Developments and Saudi’s AlRajhi Group have set up a joint venture (JV) to develop real estate projects in Egypt.

The JV, AkamAlRajhi Developments, will launch its first project in Egypt’s North Coast by the end of June, its CEO Essam Mansour told Zawya Projects. 

Abdulwahab AlRajhi, board member of AkamAlRajhi Developments speaking at the launch of the joint venture on Monday, 13 June 2022
Abdulwahab AlRajhi, board member of AkamAlRajhi Developments speaking at the launch of the joint venture on Monday, 13 June 2022
Abdulwahab AlRajhi, board member of AkamAlRajhi Developments speaking at the launch of the joint venture on Monday, 13 June 2022

He said the 125-acre project would be developed at an estimated investment in the range of 5 billion to 8 billion Egyptian pounds ($267 million to $428 million).

Board member Hisham Kandil said that they have appointed Cairo-based K&D Designs and United States-based SB Architects as consultants for the North Coast project.

Board member Saad Al-Ghaithi said that the JV will also launch projects in Saudi Arabia but declined to elaborate on the timelines.

(1 US Dollar = 18.71 Egyptian Pounds)

(Reporting by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@lseg.com)