{"id":651967,"date":"2017-02-26T04:11:08","date_gmt":"2017-02-26T04:11:08","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/02\/26\/egyptian-real-estate-companies-withdraw-from-saudi-projects\/"},"modified":"2017-02-26T04:11:08","modified_gmt":"2017-02-26T04:11:08","slug":"egyptian-real-estate-companies-withdraw-from-saudi-projects","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/02\/26\/egyptian-real-estate-companies-withdraw-from-saudi-projects\/","title":{"rendered":"Egyptian real estate companies withdraw from Saudi projects"},"content":{"rendered":"

<\/a> Rift between Saudi Arabia and Egypt remains, even if diplomats say everything is okay: <\/strong>Egyptian real estate companies have halted projects that were set to be implemented in Saudi Arabia, according to Reuters<\/a>. Talaat Moustafa Group (TMG), Al Ahly for Real Estate Development, Orbit Alliance, and Misr-Italia Group had all signed MoUs to build houses in Saudi Arabia during King Salman\u2019s visit to Egypt last April<\/a>. TMG had explained<\/a> at the time that it was going to assess developing housing projects on land provided by the Saudi government and, in return, will receive ownership of a number of units it constructs to compensate for the price of land. Al Ahly\u2019s Chairman Hussein Sabbour said his company withdrew because of \u201cbecause of worries over tensions between Egypt and Saudi Arabia,\u201d despite having completed preliminary plans for the project. Misr-Italia said contact with their Saudi counterparts stopped since June and \u201cthe agreement was canceled due to a lack of cooperation from the Saudi side.\u201d USD 22.65 bn worth of agreements and project MoUs were signed during Salman\u2019s visit.<\/p>\n

Egypt\u2019s Foreign Affairs Ministry <\/strong>has insisted<\/strong><\/a> there is no need for mediation with Saudi Arabia<\/strong>, denying reports of a rift between the two countries, and saying that ties between Cairo and Jeddah run deep.<\/p>\n","protected":false},"excerpt":{"rendered":"

Rift between Saudi Arabia and Egypt remains, even if diplomats say everything is okay: Egyptian real estate companies have halted projects that were set to be implemented in Saudi Arabia, according to Reuters. Talaat Moustafa Group (TMG), Al Ahly for Real Estate Development, Orbit Alliance, and Misr-Italia Group had all signed MoUs to build houses […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-651967","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"8b5e4687-c304-45e0-b8c0-49755c73b006","order":"0","is_powered_by":true,"section_story_id":"a749bbf4-dec7-49f8-8cf1-c0efd5505a55","story_type":"1","photo_url":"","photo_position":"above","related_issue":[651955],"teaser":"","voice_url":""},"yoast_head":"\nEgyptian real estate companies withdraw from Saudi projects - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2017\/02\/26\/egyptian-real-estate-companies-withdraw-from-saudi-projects\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egyptian real estate companies withdraw from Saudi projects\" \/>\n<meta property=\"og:description\" content=\"Rift between Saudi Arabia and Egypt remains, even if diplomats say everything is okay: Egyptian real estate companies have halted projects that were set to be implemented in Saudi Arabia, according to Reuters. 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