Naif Alrajhi partners with TGCC: Naif Alrajhi Investment partnered with Morocco’s largest construction company Travaux Généraux de Construction de Casablanca (TGCC) to jointly develop construction and real estate projects in the Kingdom through the latter’s Saudi subsidiary TGCC Middle East, Alrajhi said in a statement yesterday.

Part of a broader Gulf-expansion plan, TGCC’s Saudi expansion aims to tap into the country’s booming real estate market and support its ongoing transformation, CEO Mohammed Bouzoubaa told Asharq Business. Additional details regarding the value of investments and timelines were not disclosed.

By the numbers: TGCC currently operates in six African countries, where it delivered around 1k projects over the past three decades, Asharq Business reported. It posted a net income of USD 56 mn in 2024, up 44% y-o-y, with an order backlog surpassing USD 1 bn by the end of last year.

Not the first foreign investment in the Kingdom’s booming real estate sector: Egypt’s Talaat Moustafa Group is leading the SAR 31.4 bn Banan project in Riyadh, while Palm Hills is developing integrated, multi-use urban projects and 15 international schools in the Kingdom. A Chinese consortium is also planning a USD 2.8 bn development of 100k housing units across the country.

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