A group of Saudi business people met with Egyptian officials to discuss starting a joint real estate fund
The Egyptian government said on Sunday that a group of Saudi businesspeople met with Egyptian officials to improve cooperation between Egypt and Saudi Arabia, especially in the economy and real estate.
Saudi-Egyptian Real Estate Fund
Delegations from the Saudi Chambers of Commerce and the Saudi-Egyptian Business Council met with officials in Cairo, including the Minister of Housing, Sherif El-Sherbiny, the Minister of Health, Khaled Abdel Ghaffar, the Minister of Transport, Kamel El-Wazir, the Governor of the Central Bank of Egypt, Hassan Abdullah, and the Minister of Tourism, Sherif Fathy.
This meeting is part of ongoing efforts to strengthen cooperation between Egypt and Saudi Arabia, increase investments, and work together more closely.
During the meeting, El-Sherbiny shared that the Ministry of Housing is working to create a joint real estate fund between Egypt and Saudi Arabia, which will include valuable lands and investment opportunities. This fund will be managed by the New Urban Communities Authority and the Tourism Development Authority.
The minister also mentioned that a new department will be set up within the New Urban Communities Authority to oversee Egyptian-Saudi projects and Saudi-led projects on lands under its control. The goal is to ensure better monitoring, improve project success, and increase such initiatives in the future.
Saudi Real Estate
Saudi Arabia’s real estate market is expected to grow significantly in 2025, thanks to Vision 2030 and plans for economic diversification, according to JLL’s Middle East and Africa Market Review and Outlook 2025, released in March.
The report showed that while construction projects in the region slowed in 2024, Saudi Arabia’s construction sector stayed strong, with $29.5 billion in total construction awards. The hospitality, mixed-use, and leisure sectors were active, and the residential sector also performed well, with $7.9 billion in awards.
Published: 14th April 2025
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