"Naif Alrajhi Investment" and "Tatweer Misr" Sign Strategic Partnership Agreement for Major Real Estate Developments in the Saudi Market
Naif Alrajhi Investment, a leading group in real estate development, investment, partnerships, and acquisitions, has entered into a strategic partnership agreement with Tatweer Misr, one of Egypt's foremost real estate development companies. The signing ceremony, held in Riyadh, was graced by the presence of esteemed dignitaries, including Abdulrahman Al-Tawil, Deputy Minister for Real Estate Development at the Ministry of Municipal and Rural Affairs and Housing, and Ammar Mohammad nour Altaf, Assistant Deputy of Services Sectors in the Investment Development Deputyship at the Ministry of Investment. The event also witnessed the participation of officials from both companies and representatives from major media institutions in Egypt and Saudi Arabia.
This agreement aims to establish a joint venture between Naif Alrajhi Investment group and Tatweer Misr in the construction, building, and real estate investment sectors. The collaboration will focus on developing integrated urban projects and tourist resorts in the Kingdom, adhering to international standards. By combining the expertise of both entities, this partnership aspires to contribute to the realization of the Kingdom's Vision 2030.
The signing of the partnership contract took place at the prestigious Fairmont Ramla Serviced Residences in Riyadh, an exemplary project undertaken by Naif Alrajhi Investment group. Mr. Naif Alrajhi, Founder, Chairman & CEO of Naif Alrajhi Investment, and Dr. Ahmed Shalaby, Co-founder President & CEO of Tatweer Misr, enthusiastically sealed the agreement, heralding a new era of cooperation and knowledge exchange between the two companies in the real estate sector.
This partnership seeks to foster cooperation and exchange of expertise between the two companies in the real estate sector. It aligns with the strategic visions of both companies to achieve comprehensive urban development, including the development of projects that provide a distinguished quality of life and various services for communities, thereby creating added value for residents, project stakeholders, and neighboring areas. The partnership will support real estate development and work on the creation of residential, commercial, administrative, educational, recreational, and hospitality projects. It will also contribute to promoting investment within the Kingdom at the current stage and in Egypt in later stages.
Mr. Naif Saleh Alrajhi, Chairman & CEO of Naif Alrajhi Investment, expressed his delight at the strategic partnership, stating, "We are pleased to enter into this collaboration with Tatweer Misr, a renowned company in the field. Leveraging our extensive experience in investment and real estate development, we will steer strategic partnerships towards new horizons, in alignment with the goals of the Kingdom's Vision 2030. Our focus on vital sectors that support the national economy, particularly the real estate sector, which has experienced remarkable growth in recent years, reflects our commitment to propelling comprehensive urban development."
Emphasizing the robust support extended to the real estate sector in Saudi Arabia, Mr. Alrajhi highlighted the array of administrative and investment facilities available to attract local and international investments. The Saudi market presents a myriad of investment opportunities within the real estate sector.
Dr. Ahmed Shalaby, Co-founder, President & CEO of Tatweer Misr, remarked, "The strategic partnership with Naif Alrajhi Investment group marks the initial step in our company's journey to expand into regional markets, replicating our successful experience in urban development in Egypt. We have chosen to initiate this venture in Saudi Arabia in light of its thriving economy and rapid urban development, complemented by an investment climate that offers favorable incentives. Tatweer Misr aims to establish a partnership with Naif Alrajhi Investment to leverage their extensive experience across various investment sectors, including real estate. This collaboration will contribute to the success of joint projects in Saudi Arabia and subsequently in Egypt, with an exchange of experiences to better understand the real estate trends in both countries and deliver real estate products that cater to customer needs."
This partnership announcement reinforces Naif Alrajhi Investment Group's diversified investments and its ability to attract prominent companies for investment in the Saudi real estate market through strategic alliances. It also underscores Tatweer Misr's achievements in realizing its strategic objective of regional expansion and maximizing returns for its investors, clients, and stakeholders. Building upon the company's accomplishments since its establishment in 2014, including the successful delivery and operation of six integrated, sustainable, smart, and vibrant projects across strategic locations in Egypt, Tatweer Misr plans to unveil two more projects by year-end, further enriching the quality of life for residents and visitors.
About Naif Alrajhi Investment Group:
Naif Alrajhi Investment is a Saudi investment group headquartered in Riyadh with a global presence in five countries. It invests in real estate, capital markets, mergers and acquisitions, and partnerships. The group takes pride in its diversified investment portfolio and stands out with unique expertise and capabilities in 11 different sectors, including real estate, hospitality, food and beverage, mining, contracting, interior design solutions, financial markets, marketing, logistics, and more. The group's real estate portfolio began in 2003 with a residential tower called "Time Place" in Dubai Marina. Over the years, more projects have been added to the portfolio, including Hiliana Tower in Dubai and Ascott in Al Khobar, as well as other residential, commercial, hospitality, and mixed-use projects, including Ramla Terraza, a luxury food and beverage complex with four international restaurants, and the upcoming Fairmont Ramla Serviced Residences. Currently, our real estate portfolio at Naif Alrajhi Investment includes four new projects that will be announced soon.
About Tatweer Misr:
Established in 2014, Tatweer Misr is an Egyptian shareholding company that fosters a vertically-integrated business model in various development fields. The company upholds an optimistic vision to establish fully integrated urban communities based on innovation, sustainability and quality that reflects the company’s commitment to delivering added value to its customers, shareholders and partners. Tatweer Misr has 6 significant projects in various phases of development and planning across Egypt with investments totaling more than USD 5 billion.
Through its iconic projects, the real estate developer has placed its footprint in all strategic locations in the Egyptian market. Project locations include: the Red Sea where their award winning flagship project “IL Monte Galala” is built on around 545 acres in Ain El Sokhna; the Western North Coast where “Fouka Bay” is built on around 220 acres, “D-Bay” spans over 200 acres, and “Salt” over 300 acres. In East Cairo is “Bloomfields” a mixed-use first home development located in Mostakbal City on an area of 415 acres with a dedicated 90 acres for an educational zone, while in West Cairo is “Rivers” nestled on 100 acres.
During the past years, Tatweer Misr has succeeded in creating a distinctive quality of life by providing various operation and facility management services, as testified by its customers and project visitors.
For more information visit: www.tatweermisr.com
