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Madinet Masr and the licensed Saudi real estate developer will exchange technical and financial expertise to build residential, commercial, and administrative projects in Saudi Arabia Cairo – Madinet Masr Housing and Development penned a memorandum of understanding (MoU) with Waheej for Real Estate to expand its presence in the Saudi real estate market. Madinet Masr and the licensed Saudi real estate developer will exchange technical and financial expertise to build residential, commercial, and administrative projects in the Kingdom. The two parties will also explore the potential establishment of a joint real estate development company in the Kingdom, according to a press release. In line with the Saudi Vision 2030, the agreement supports homeownership opportunities and the quality of life for both citizens and residents. Abdallah Sallam, President and CEO of Madinet Masr, commented: “This partnership marks an important milestone in our expansion strategy across regional markets—particularly in Saudi Arabia, which is witnessing remarkable urban and economic growth. Rashid Saud Al Jadoua, CEO of Waheej for Real Estate, indicated: We aim to exchange knowledge and deliver impactful projects that support the housing sector and contribute to the Kingdom’s broader development objectives. In the first quarter (Q1) of 2025, the EGX-listed firm posted 32.64% year-on-year (YoY) lower consolidated net profits after tax and non-controlling interest at EGP 793.85 million. |
