Tatweer Misr signs a new strategic partnership with Naif Alrajhi Investment – one of the largest Saudi companies working in real estate, financial markets, partnerships and acquisitions – to establish a joint venture for construction and real estate investment, Invest-Gate reports.
This partnership aims to develop integrated urban projects and tourist resorts according to the highest international standards in KSA, in order to create added value to the Saudi real estate market through the expertise of both entities and help contribute to achieving the Kingdom’s Vision 2030.
The contract was signed by Naif Saleh Alrajhi, the Founder and CEO of Naif Alrajhi Investment, and Dr. Ahmed Shalaby, President and CEO of Tatweer Misr. The signing ceremony, held in Riyadh, was graced by the presence of esteemed dignitaries, including Abdulrahman Al-Tawil, Deputy Minister for Real Estate Development at the Ministry of Municipal and Rural Affairs and Housing, and Ammar Mohammad nour Altaf, Assistant Deputy of Services Sectors in the Investment Development Deputyship at the Ministry of Investment.
In line with the strategic vision of the two companies, this partnership reinforces cooperation and exchange of expertise in real estate to establish integrated urban development. The cooperation entails developing projects that provide a distinctive quality of life, while providing multiple services, including operation and community management, to offer creative values to residents, visitors, and neighboring areas.
This partnership aims at supporting the real estate development process and working on establishing residential, commercial, administrative, educational, entertainment and hospitality projects, as well as promoting investment inside KSA now, and in Egypt at later stage.
Dr. Ahmed Shalaby, President and CEO of Tatweer Misr said, “This strategic partnership with Naif Alrajhi Investment is the first step in our plan to expand in regional markets, and to replicate our unique experience in urban development in KSA. The company chose to start in KSA, owing to economic and urban booming in the Kingdom; in addition to investment advantages and incentives the kingdom offers to Arab and foreign investors”.
“This strategic partnership will foster substantial advancements in our collaborative ventures, initially within Saudi Arabia and subsequently extending to Egypt. Through the exchange of invaluable insights, we aim to deliver exceptional real estate offerings that surpass customer expectations and cater to their evolving demands.” Shalaby added.
Nayef Saleh Al-Rajhi, Chairman and CEO of Nayef Al-Rajhi Investment Group, stated “We are pleased to enter into this collaboration with Tatweer Misr, a renowned company in the field. Leveraging our extensive experience in investment and real estate development, we will steer strategic partnerships towards new horizons, in alignment with the goals of the Kingdom’s Vision 2030.”
Alrajhi highlighted the array of administrative and investment facilities available to attract local and international investments. The Saudi market presents a myriad of investment opportunities within the real estate sector.
The partnership underscores Tatweer Misr’s remarkable accomplishment in attaining one of its key strategic imperatives – regional expansion and optimizing returns on investment for its esteemed investors, valued customers, and esteemed partners.
