RIYADH: Real estate projects worth $1 billion will be developed in Saudi Arabia after the Kingdom signed an agreement with the Egyptian government.    

The memorandum of understanding, inked between Cairo and the Saudi-Egyptian alliance, seeks to facilitate logistical supply and support for property-related projects in the Kingdom.  

This initiative will be executed by the alliance, as reported by the Saudi Press Agency.   

At the signing ceremony in Cairo, the Arab Organization for Industrialization represented the Egyptian government, while the Saudi-Egyptian alliance was represented by the firms Alupco Olayan Group, Okta International, and City Edge Developments, respectively.   

This aligns with the collaborative efforts of the two countries to streamline the exchange of investment and trade opportunities between them, the SPA report added.   

Saudi Ambassador to Egypt Osama bin Ahmed Nugali conveyed the Kingdom’s warm welcome and robust support for initiatives aimed at strengthening the ongoing cooperation between the two countries.   

He emphasized the significance of expanding investment opportunities for Egyptian companies and promoting the exchange of experiences, fostering integration between both sides. This collaborative effort seeks to benefit both nations in the process.

AOI President Abdel Rahman Abdel Azim expressed his eagerness to enhance this cooperation through various investment projects. 

He highlighted that these initiatives will create significant job opportunities and attract investments.  

In November, Egyptian Prime Minister Mostafa Madbouly received a Saudi delegation led by Commerce Minister Majid Al-Qasabi.  

The objective of the meeting at the time was to raise the levels of bilateral trade exchange in light of the economic reforms implemented by the two nations.  

This gathering also aligned with the broader plans to transform the region into a global logistics center.   

The forum at the time also intended to develop trade between the two countries and other nations within the African continent, fostering increased economic integration.   

During the meeting at the time, Al-Qasabi discussed opportunities in vital sectors considering the Kingdom’s Vision 2030, thereby encouraging the building of joint projects and removing obstacles that may impede progress.