Miskan has signed a strategic Memorandum of Understanding (MOU) with Wadi Degla Developments during Cityscape Global 2024 in Riyadh, aiming to enhance real estate investments in the Kingdom of Saudi Arabia, Invest-Gate reports.
The collaboration focuses on providing innovative housing solutions that cater to Saudi residents’ expectations and align with the Kingdom’s urban development goals.
The partnership highlights Wadi Degla’s commitment to regional expansion, leveraging its expertise in creating integrated residential communities. Notably, the agreement seeks to replicate Wadi Degla’s successful “CLUB TOWN” model, which blends residential living with sports clubs and recreational facilities, offering a holistic lifestyle solution.
“This partnership with Wadi Degla is a significant step for us at Miskan,” said Talal Hisham Al-Mutlaq, CEO of Miskan Real Estate Company, the real estate arm of Alfanar Group. “Wadi Degla’s innovative approach and proven track record in developing residential complexes will greatly contribute to meeting the demands of the Saudi market.”
Raymond Ahdy, CEO of Wadi Degla Developments, emphasized the importance of this collaboration. “This agreement is the result of extensive research and market analysis. It aligns with Wadi Degla’s strategy to expand into international markets, particularly the Gulf region, where Saudi Arabia is experiencing unprecedented growth in real estate under Vision 2030.”
The initiative reflects both companies’ shared commitment to delivering high-quality, innovative housing solutions while contributing to the Kingdom’s ambitious plans for urban development and improved quality of life.