Riyadh - Sharikat Mubasher: Madinet Masr, one of the leading real estate developers in Egypt, signed a memorandum of understanding (MoU) with the Saudi-based Waheej for Real Estate Company to expand into the Saudi real estate sector and explore new investment opportunities.
The MoU was signed by Rashid Al-Jadoua, CEO of Waheej for Real Estate, and Abdallah Sallam, President and CEO of Madinet Masr at Waheej for Real Estate’s headquarters in Riyadh, a recent statement revealed.
Under this MoU, the Egyptian developer will explore and develop residential, commercial, and administrative projects in the Kingdom, while exchanging technical and financial expertise and information.
This collaboration reflects the shared commitment of both companies to building a promising strategic partnership based on mutual understanding and full compliance with applicable regulations.
Al-Jadoua emphasized that the partnership with Madinet Masr will enable Waheej for Real Estate to share knowledge and deliver impactful projects that support the housing sector and contribute to the Kingdom’s broader development objectives.
For his part, CEO Sallam 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.”
Moreover, the MoU outlines the potential establishment of a joint real estate development company in Saudi Arabia. Independent agreements will be signed for each project, clearly defining the responsibilities of both parties.
