Privately-owned Saudi real estate firm Samla and Alm El Room Urban Development Co. will swap nearly 950 acres of land in Matrouh’s Alm El Room for two plots of land in and near New Cairo after inking an agreement with the Housing Ministry, according to a ministry statement.

Why does it matter? It’s the latest sign that the government of Egypt is serious about doing business with Saudi companies. The contract signing comes after Crown Prince and Prime Minister Mohamed bin Salman’s surprise visit to Cairo last week to meet with President Abdel Fattah El Sisi. Among other things, the two signed an agreement on the promotion and protection of investment.

What’s Samla and Alm El Room getting? The company will take 97 acres near Madinaty and another 380 acres near the Katameya-Ain Sokhna road. Walid Abbas, assistant housing minister and supervisor of planning and projects at NUCA, was on hand for the signing, framing it in the context of Egypt’s bid to resolve outstanding disputes and roll out the red carpet for investors.

ADVISORS- Our friends at ALC-Alieldean Weshahi & Partners ALC were advisors to Samla and Alm El Room on the transaction.

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