Egyptian players ♥️Saudi Arabia: Two Egyptian players announced projects in Saudi Arabia with combined investments exceeding SAR 3.4 bn.

A SAR 3.3 BN REAL ESTATE PROJECT-

Hassan Allam Holding and Tilal Real Estate will develop a SAR 3.3 bn integrated project in Riyadh under a strategic partnership inked with the National Housing Company (NHC), according to a joint statement (pdf). The 228k-sqm project — whose investments are set to total USD 880 mn at today’s exchange rate — will be executed by Hassan Allam Holding’s development arm Grova Developments, with Tilal Real Estate serving as the primary local partner.

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The project aligns with Saudi Arabia’s Vision 2030 housing program, an effort by the NHC to increase home ownership by “[combining] regional expertise and national leadership to deliver a new model for modern urban living,” according to the statement.

What they said: “This milestone reflects our confidence in Saudi Arabia’s dynamic real estate sector and our commitment to long-term investment in the Kingdom. For decades, we have delivered landmark projects that connect people, infrastructure, and opportunity. Through this partnership with NHC, we are bringing that legacy to Riyadh, building communities that combine sustainable design with lasting value for residents,” Hassan Allam Holding CEO Hassan Allam said.

A SAR 120 MN HOTEL-

Local hospitality player Brassbell Hospitality Group launched Fanaya Hotel in Jeddah with a SAR 120 mn investment, the group’s Vice President of Expansion and Growth Adham Elbedewy told EnterpriseAM. The move marks the group’s first venture outside of Egypt and its first in the Kingdom, according to an emailed statement (pdf). The launch coincides with the tourism investments hype the Kingdom is seeing this quarter, Elbedewy told us.

More to come: Brassbell is positioning the Kingdom as its primary expansion focus over the next five years, Elbedewy told us. Following its debut in Jeddah, the group is in advanced discussions to open two new Fanaya properties in Riyadh. It is also developing 145 units across two serviced apartment complexes in the capital, slated to open next year, Elbedewy said. In addition, Brassbell is in early negotiations for a wellness resort in Taif, and it is mulling developing a hybrid lifestyle hotel in the Eastern Province.

Brassbell is “extremely optimistic” about the Kingdom’s hospitality sector, as tourism is on track for “sustained double-digit annual growth,” Elbedewy told us, citing major events and increased air connectivity driven by Vision 2030. Brassbell expects that demand will outpace supply, especially in Jeddah and Riyadh.

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