The Egyptian-African Businessmen’s Association headed by Dr Yousrey Elsharkawi organized big conference, Today, 3Oct, in Cairo. In the presence of Majed Al-Hogail, Saudi Minister of Housing, Dr. Issam bin Saad bin Saeed, the Saudi Minister of Hajj and Umrah, and Engineer Muhammad Al-Bati, Chairman of the Board of Directors of the National Housing Company, and the Saudi delegation, With the participation of the Construction and Building Committee of the Egyptian-African Businessmen Association, Headed by Eng. Mahmoud Hegazy, With the participation of a group of senior Egyptian real estate developers.
Dr. Yousrey El-Sharkawi, head of the Egyptian-African Businessmen Association, confirmed, that what the Kingdom of Saudi Arabia has conducted is a pioneering experiment that is fully matured and ready, In order to reach joint investments between the private sector and real estate developers in the two countries under the auspices of the leadership in the two countries, Major Egyptian companies in the real estate sector They expressed their earnest desire to study the situation on the ground now in the Saudi markets.
El-Sharkawi reviewed the steps that began between the Egyptian real estate developers and the Saudi side 5 years ago, but the beginnings did not witness the translation of that cooperation to a number of projects for real estate developers in Saudi lands, which is completely ready for launch, and we will work to launch this by forming an alliance of private sector developers wishing to Work in the Saudi and African market in order to put in place one agreed upon system that guarantees a stable and sustainable horizontal expansion for real estate development to enter the Arab and African markets.
The Saudi side presented a detailed presentation in which it explained what the Kingdom had done during the past six years of work to serve the Saudi housing file in terms of establishing and operating the National Housing Company as an arm of the Ministry of Housing. As well as working on the real estate financing file.
the Saudi minister explained: “All this contributed to the growth of the volume of financing for real estate projects from 30 billion riyals to nearly 380 billion riyals during the last 5 years, And that the Kingdom’s market has greatly changed its housing pattern and has become rapidly in demand and demand for the integrated housing system that the Kingdom has adopted and implemented after reviewing global experiences, And work with Saudi real estate developers to reach a number of units that amounted to between 300,000 to 400,000 units annually.
The Saudi minister affirmed his full support for the call for Egyptian real estate developers to work side by side within the Kingdom of Saudi Arabia “because we are one country, We are proud of the Egyptian expertise and are now more than ever ready to strengthen cooperation in this field.”
This comes a day after the visit of the Saudi minister and his accompanying delegation, along with the Egyptian Minister of Housing, Assem Al-Jazzar. and Osama Nuqli, The Ambassador of the Kingdom of Saudi Arabia in Cairo, Madinty – in New Cairo.