Privately-owned Saudi real estate firm Samla and Alm El Room Urban Development Co. will swap nearly 950 acres of land in Alm El Room in Matrouh on Egypt’s north coast 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 Egyptian government is serious about doing business with Saudi companies. The contract signing comes after Crown Prince and Prime Minister Mohammed 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 is Samla and Alm El Room getting? The company will take 97 acres near Madinaty in the Egyptian capital’s east and another 380 acres near its Katameya-Ain Sokhna road. Walid Abbas, assistant housing minister and supervisor of planning and projects at Egypt’s New Urban Communities Authority, 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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