Ramy Fares Group has revealed the inauguration of a new branch of its construction subsidiary, RFCO Development, in Riyadh, Saudi Arabia, as part of its efforts to strengthen Egypt’s real estate exports, Invest-Gate reports.

Rami Fares, the Group’s Chairman, said the opening comes as Egypt seeks to promote its property sector on the export market, coinciding with government plans in this regard.

While Egypt has attractive factors, it has to work to reserve a place on the real estate export map, Fares noted, adding that with some 800,000 youths marrying annually requiring around 600,000 units, Egypt has a housing surplus that could be exported.

Success in real estate exports requires coordination between ministries of migration, housing, and finance along with other stakeholders and a clear export mechanism, he added.

Fares stressed real estate exports could open several overseas markets, especially those with large Egyptian communities interested in Egypt property.

The government is developing new cities and removing unsafe areas to guarantee citizens’ right to safe housing, emphasized by President El-Sisi, Fares said. Initiatives also aim to promote real estate investment as part of Egypt’s overall economic plan.

The Riyadh branch launch reflects RFCO’s contribution to boosting Egyptian property exports and cooperation between the private sector and the state on this front.