TMG Holding has revealed that it has entered into negotiations with the Saudi Public Investment Fund (PIF) regarding the development of a number of major real estate projects in Riyadh, Jeddah, Madinah and Makkah, in a move that strengthens the Group’s expansion within the Saudi market and reinforces its position as one of the leading regional real estate developers in the Middle East, Invest-Gate reports.

In a statement submitted to the Egyptian Exchange on Monday, the Group announced that its subsidiary, TMG Saudi Real Estate Development Company, has signed a Memorandum of Understanding (MoU) with the Saudi Public Investment Fund (PIF), with the aim of enhancing opportunities for cooperation and partnership in the Fund’s mixed-use real estate development projects across the Kingdom of Saudi Arabia.

Memorandum of Understanding to Strengthen Cooperation in Mixed-Use Developments

Under the Memorandum of Understanding, both parties will work on exploring and facilitating further investment opportunities across a number of key real estate sectors, including residential, commercial, hospitality and retail projects, as well as integrated urban communities.

The partnership will leverage TMG’s extensive expertise in developing integrated cities and mixed-use developments, alongside the investment capabilities and broad expertise of the Saudi Public Investment Fund.

The Group affirmed that the Memorandum of Understanding represents a platform for strategic cooperation between the two parties and will contribute to accelerating the development and execution of the targeted real estate projects, thereby enhancing the added value of the Fund’s projects and improving execution efficiency and the quality of real estate products offered in the Saudi market.

The Group further explained that the ongoing negotiations with the Public Investment Fund relate to a number of specific projects in four major cities across the Kingdom: Riyadh, Jeddah, Madinah and Makkah. These cities represent some of the largest and fastest-growing real estate markets in Saudi Arabia, reflecting the strong confidence in the Group’s expertise and its ability to deliver large-scale urban developments in accordance with the highest international standards.

Expansion in Saudi Arabia as Part of Regional Growth Strategy

This step comes as part of TMG Holding’s regional expansion strategy implemented over recent years, which aims to transfer the integrated city model that the Group has successfully developed in Egypt to a number of Arab markets offering promising investment opportunities. Foremost among these is the Saudi market, which is witnessing an unprecedented urban and investment boom supported by the objectives of Saudi Vision 2030.

The Group emphasized that the Memorandum of Understanding strengthens its position as a strategic partner within the urban development and city-building ecosystem led by the Public Investment Fund, contributing to the development of sustainable real estate projects that create long-term value and foster innovation in urban development.