It seems Saudi investors are increasingly looking to team up with Egyptian real estate players, as yesterday’s newscycle saw reports of a number of Saudi investors either involved or looking to get involved in fresh real estate projects in the local real estate market or in collaborating with Egyptian partners in the Kingdom.

EMAAR MISR IS DEVELOPING A RED SEA PROJECT-

Emaar is setting up a Red Sea project: Emaar Misr Properties is developing a 10 mn sqm integrated tourism project on Egypt’s Red Sea in collaboration with Saudi-owned real estate developer Citystars Properties, three anonymous sources told Asharq Business. Emaar will develop the project on a Citystars-owned land plot in exchange for a percentage of the revenues.

The details: The project will be rolled out in six phases, with the first covering 2 mn sqm and including residential units, four- and five-star hotels, a commercial complex, and entertainment facilities. The project is expected to generate over EGP 500 bn in revenues once it is completed.

ICYMI- Emaar has been keeping busy, having inked an agreement earlier this year with Midar Investment to establish the EGP 100 bn New Mivida residential project in New Cairo. Emaar has already invested an initial USD 80 mn in the project.

MADINET MASR TO PURSUE KSA EXPANSION WITH WAHEEJ REAL ESTATE-

Madinet Masr inked an MoU with Saudi developer Waheej Real Estate to help it expand regionally and explore new investment opportunities,” according to a statement (pdf) from the local real estate developer. The two will work towards collaborating on residential, commercial, and administrative projects in the Kingdom, potentially under a joint real estate company based in Saudi Arabia, according to the statement.

What they said: “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. We are proud to collaborate with Waheej for Real Estate and look forward to turning this agreement into tangible, successful projects on the ground,” said Madinet Masr CEO Abdallah Sallam.

SAUDI INVESTOR WANTS A PIECE OF DREAMLAND-

A Saudi investor is reportedly vying for a piece of Dreamland: State-owned lenders National Bank of Egypt and Banque Misr have received an offer from a Saudi investor to acquire 48 feddans in Sixth of October’s urban development Dreamland to set up a residential and entertainment development, unnamed sources told Al Shorouk. The offer is currently under review by the two banks, which took ownership of the 4 mn sqm plot following a decade-long legal dispute with the Bahgat Group.

What’s next? NBE and Banque Misr may opt to split the plot into two or three plots, or proceed with a unified development plan, depending on the financial and technical terms of incoming offers, according to the sources speaking to the outlet.

Competing bids have been circling the land for some time: Around 16 local and Gulf developers had reportedly submitted offers back in February to acquire an 800-feddan plot near Dreamland.

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