Egypt's Melee Development to set up SAR 4.5B sports clubs in Saudi Arabia
Updated 9/22/2024 4:34:00 AMArab Finance: Egypt-based real estate player Melee Development is planning to establish three sports clubs in Saudi Arabia, with around SAR 4.5 billion in investments, Chairman Gasser Bahgat told Asharq Business.
The clubs will be located in Khobar, Jeddah, and Riyadh, with the Khobar club set to be completed by the end of this year, Bahgat revealed.
The investment will be funded through Melee’s own resources and additional financing from Saudi funds.
The new sports clubs are expected to serve around 40,000 members, equivalent to an average of 10,000 families per each club.
This follows a strategic alliance signed last May between Melee and Adeer International, a subsidiary of ADEER Holding and Sumou Holding group, which specializes in real estate investment and the development of suburban communities in Saudi Arabia.
Bahgat also disclosed that Melee is in discussions with The Sovereign Fund of Egypt (TSFE) to acquire a 100-fedan plot of land for a residential, commercial, and administrative project in West Cairo, and is expected to be announced soon.
Additionally, the company is allocating EGP 100 million for the acquisition of another company in Egypt in the near future.
Melee is earmarking between EGP 80 billion and EGP 100 billion for new real estate developments in East Cairo and the North Coast over the next two to five years, Bahgat said.
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