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Egyptian developer to deliver 150,000 units in KSA

Al Ahly For Real Estate Development Company will launch its first branch in Saudi and deliver 150,000 housing units towards the national housing scheme

Representational image.
Representational image.

Egyptian developer, Al Ahly For Real Estate Development Company, is set to contribute 150,000 units to Saudi Arabia's housing scheme, its chairman, Hussein Sabbour, revealed.

The group is set to launch its first branch in Saudi Arabia in the next four years, Amwal Al Ghad reported.

Speaking to Amwal Al Ghad, Sabbour said: "The establishment of their company in Saudi Arabia is in the framework of the agreement signed between them and the Saudi housing ministry to carry out 150,000 housing units for middle-income earners."

In 2014, Saudi Arabia's government launched a new housing scheme to end the shortage of homes in the kingdom, which included establishing 1.5 million housing units for middle-income earners.

A total of four Egyptian real estate companies have signed a protocol to help deliver the project, which includes Al Ahly For Real Estate Development, Talaat Moustafa Group Holding Company, and Misr Italia Group.

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