An Egyptian–Saudi partnership has been launched to develop sustainable future communities that align with Saudi Vision 2030, Invest-Gate reports.
Madinet Masr, one of Egypt’s leading real estate developers, and Waheej Real Estate, one of Saudi Arabia’s fastest-growing developers, announced the official launch of Citydom, their jointly owned real estate entity. The partnership aims to introduce an innovative model for sustainable, contemporary living in the Kingdom and support the national development goals of Vision 2030.
Citydom is a 50/50 joint venture that brings together Waheej’s deep market expertise in Saudi Arabia and Madinet Masr’s six decades of experience in developing integrated urban communities. The new entity seeks to offer development solutions tailored to Saudi culture, environment, and evolving urban needs.
The company is exploring the acquisition of a land plot within the Al-Janadriyah masterplan in Riyadh to develop an integrated residential project in one of the city’s most promising growth areas. The project aims to redefine modern living by offering a holistic lifestyle concept that blends comfort, cultural identity, and community connection.
Eng. Abdallah Sallam, President & CEO of Madinet Masr, said: “The launch of Citydom marks a strategic milestone in our regional expansion plan and a strong beginning for our presence in the Kingdom. This collaboration enables us to develop innovative urban communities that meet the aspirations of Saudi families and set a new standard for contemporary living.” He added: “This alliance combines Madinet Masr’s 66+ years of experience in large-scale urban planning and development with Waheej’s deep local insight and execution capabilities, creating an exceptional model that reflects sustainability and innovation in the Saudi real estate sector.”
Eng. Rachid Saud Al-Jadoua, CEO of Waheej Real Estate, stated: “We are proud of our partnership with Madinet Masr in establishing Citydom, which will contribute to introducing a pioneering and innovative real estate development model in the Kingdom which blends contemporary design, sustainability, and cultural identity. Within a long-term strategy, we aim to develop integrated communities that meet the needs of Saudi families and open new avenues for real estate investment.” He added: “Through this partnership, we are committed to empowering the real estate sector, driving innovation, and supporting Vision 2030 objectives in housing and sustainable community development, delivering added value for investors and residents alike.”
Madinet Masr, founded in 1959, owns a 12.8mn sqm landbank and develops residential, commercial, and administrative projects including Taj City, Sarai, The Butterfly in Mostakbal City, Talaa in New Heliopolis, Tajed, and the entrepreneurial-focused Shark Tank Business Park.
Waheej Real Estate, backed by more than 40 years of family legacy, delivers comprehensive development, investment, and project management solutions. The company is recognized for its high-quality, technology-driven projects and its commitment to advancing modern communities and supporting Saudi Vision 2030.