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“Naif Alrajhi Investment” and “Tatweer Misr” Sign a Strategic Partnership for Major Real Estate Developments in Saudi
Riyadh – Asdaf News:
By: Samar Yahya
Naif Alrajhi and Tatweer Misr, have signed partnership agreement, Monday at Fairmont Ramla Serviced Residences by Naif Alrajhi Investment group.
The signing ceremony was attended by 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.
The purpose of this agreement is to create a joint venture between Tatweer Misr and Naif Alrajhi investing Group in the fields of building, construction, and real estate investing. The partnership’s main goal will be to create integrated urban developments and tourism resorts that adhere to international standards throughout the Kingdom. This alliance hopes to help the Kingdom realize its 2030 Vision by integrating the knowledge of the two organizations.
Mr. Naif Alrajhi, Founder, Chairman & CEO of Naif Alrajhi Investment, and Dr. Ahmed Shalaby, Co-founder President & CEO of Tatweer Misr, inked the agreement, heralding a new era of cooperation and knowledge exchange between the two companies in the real estate sector.
This collaboration aims to promote collaboration and knowledge sharing between the two businesses in the real estate industry. It is in line with the strategic goals of both businesses to achieve comprehensive urban development, which includes the creation of initiatives that enhance communities’ quality of life and offer a range of services, adding value for locals, project stakeholders, and surrounding areas. The alliance will assist in the building of residential, commercial, administrative, educational, recreational, and hospitality projects, as well as real estate development. Additionally, it will help to encourage investment both now in the Kingdom and subsequently in Egypt.
Mr. Naif Saleh Alrajhi, Chairman & CEO of Naif Alrajhi Investment, expressed his delight at the strategic partnership, stating, “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. Our focus on vital sectors that support the national economy, particularly the real estate sector, which has experienced remarkable growth in recent years, reflects our commitment to propelling comprehensive urban development.”
Emphasizing the robust support extended to the real estate sector in Saudi Arabia, Mr. 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.
Dr. Ahmed Shalaby, Co-founder, President & CEO of Tatweer Misr, remarked, “The strategic partnership with Naif Alrajhi Investment group marks the initial step in our company’s journey to expand into regional markets, replicating our successful experience in urban development in Egypt. We have chosen to initiate this venture in Saudi Arabia in light of its thriving economy and rapid urban development, complemented by an investment climate that offers favorable incentives. Tatweer Misr aims to establish a partnership with Naif Alrajhi Investment to leverage their extensive experience across various investment sectors, including real estate. This collaboration will contribute to the success of joint projects in Saudi Arabia and subsequently in Egypt, with an exchange of experiences to better understand the real estate trends in both countries and deliver real estate products that cater to customer needs.”
Speaking to Asdaf News, Youssef Aluhaidan, Vice President of the Real Estate at Naif Alrajhi Investment, said: “Today’s agreement with Tatweer Misr, the leading real estate development company in Egypt, aims at joint cooperation and integration to develop projects in the Kingdom that would extend to other countries. Currently, in Naif Alrajhi Investment, we are working on a number of projects that are in line with the Kingdom’s Vision 2032. The project will be announced in the near future, once the necessary studies are accomplished.
As for the upcoming projects, they are integrated on large landspaces and in the city of Riyadh, in the commercial, residential, hospitality, education and entertainment sectors. One of the projects is in eastern Riyadh on an area of two million square meters, another in Downtown Riyadh and a third is located in northern Riyadh. Currently, we study new projects in Jeddah.”
This partnership announcement reinforces Naif Alrajhi Investment Group’s diversified investments and its ability to attract prominent companies for investment in the Saudi real estate market through strategic alliances. It also underscores Tatweer Misr’s achievements in realizing its strategic objective of regional expansion and maximizing returns for its investors, clients, and stakeholders. Building upon the company’s accomplishments since its establishment in 2014, including the successful delivery and operation of six integrated, sustainable, smart, and vibrant projects across strategic locations in Egypt, Tatweer Misr plans to unveil two more projects by year-end, further enriching the quality of life for residents and visitors.
