Tatweer Misr and Mountain View are working towards becoming the latest Egyptian real estate companies to enter the Saudi market, but Saudi real estate companies are also becoming increasingly interested in the Egyptian market, with Dallah Albaraka securing land in east Cairo to set up two residential projects.

We’ve increasingly seen Egyptian real estate companies set up shop in the kingdom over the last few months: Talaat Moustafa Group is setting up a mixed-use project in Benan City in eastern Riyadh’s Al Fursan in partnership with the Saudi National Housing Company. The SAR 65 bn city will house nearly 28k residential units and it marks the Egyptian real estate giant’s first overseas project. Real estate developer Palm Hills also set up a Saudi branch last month.

And that’s just scratching the surface: Egyptian construction and real estate players are ramping up efforts to expand abroad as domestic opportunities shrink. In last week’s Hardhat we spoke to a number of industry leaders to learn where they’re heading and what makes these markets appealing.

TATWEER MISR READIES FOR KSA EXPANSION-

Another one of our real estate developers is heading to Saudi Arabia: Real estate developer Tatweer Misr is partnering up with Saudi’s Naif Alrajhi Investment to launch its first projects in Saudi Arabia, Hapi Journal quotes Tatweer Misr CEO Ahmed Shalaby as saying at a conference.

Remember: We first heard about this project in 2023, after Tatweer Misr formed a joint venture with the Naif Alrajhi Investment to develop the company’s first Saudi-based project.

The timeline: The projects are expected to debut at the end of the year or the beginning of the next.

A long time coming: The company first started exploring the idea of stepping into the Saudi market in 2019 before shelving it due to the Covid-19 pandemic and revisited the plan in 2022 as Saudi interest in Egyptian real estate rose, Shalaby said.

We’ve been given a few clues as to what Tatweer Misr’s first projects in the country may be: The company is also currently studying 3-4 potential investments in Riyadh, Shalaby told Al Arabiya yesterday, adding that the anticipated mixed-use project is expected to be implemented on a plot ranging between 2-3 mn square meters.

The new investments are part of a larger plan to rapidly expand in the Saudi market over the next five years, Shalaby said in an interview with Al Borsa. Shalaby noted that the company is interested in implementing projects in partnership with both the public and private sector, with the company currently studying investments with the Saudi Housing Ministry.

More expansions abroad in the works? Shalaby also mentioned the company’s plans to expand into Libya, Iraq, and Oman — with the CEO telling Al Arabiya that the company’s plans for Oman are expected to be announced early next year.

MOUNTAIN VIEW ALSO STUDYING SAUDI INVESTMENTS-

Mountain View, too, is preparing for its Saudi debut: The real estate player will introduce its first project to the Saudi market in November, Al Borsa quotes Chairman Amr Soliman as saying. The project will be launched in partnership with Saudi developers Maya Real Estate Development and Investment and Al Saedan Real Estate.

The project is expected to bring in a hefty sum: The company is targeting SAR 2 bn in sales from the new Saudi-based project, Soliman told Asharq Business.

More to come? Mountain View is currently studying a number of potential investments in the Saudi market — including residential, commercial, and administrative projects. The projects will be carried out in partnership with the Saudi government or private sector players.

Remember: Mountain View earlier this month announced that it has acquired its first plot ofland in a “strategic location” in Riyadh in partnership with the two Saudi developers.

Brace for more: An Egyptian real estate investment delegation consisting of 25 developers will head to Saudi Arabia in November to explore potential investments in the Kingdom, Asharq Business quotes Fathallah Fawzi, chair of the Real Estate Development Committee at the Egyptian Businessmen’s Association, as saying.

SAUDI DEVELOPERS ARE ALSO LOOKING TOWARDS EGYPT-

Dallah Albaraka secures land plot in east Cairo: The New Urban Communities Authority has granted Saudi investment group Dallah Albaraka 500 feddans in east Cairo to compensate for a North Coast plot that has been withdrawn from the company, sources familiar with the matter told Asharq Business. The Saudi group plans to use the land to set up two integrated residential projects in partnership with Egyptian real estate developers.

Remember: Dallah Albaraka is working with local real estate developer Palm HillsDevelopments to set up 15 new schools in Saudi Arabia with combined investments of USD 300 mn.

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