Miskan Real Estate Company, the real estate arm of Saudi Arabia’s Alfanar Group, has signed a memorandum of understanding (MOU) with Egypt’s Wadi Degla Developments to develop residential projects in the Gulf Kingdom that combine housing with sports and recreational facilities.

The MOU was signed during Cityscape Global 2024 in Riyadh.

The planned projects will adapt Wadi Degla’s Club Town project, currently under construction in Cairo’s Maadi district. The 70-acre project’s built-up areas occupy just 5 percent of the land, leaving the rest for open spaces and recreational amenities. 

Raymond Ahdy, CEO of Wadi Degla Developments, said the company is in the process of evaluating locations, investment requirements, and design plans to tailor the Club Town concept for Saudi Arabia’s real estate market. 

Reporting by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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