Miskan, Wadi Degla Developments to carry out ambitious investment plans in Saudi Arabia

Updated 11/18/2024 2:56:00 PM

Arab Finance: Miskan Real Estate Company, the real estate development arm of Alfanar Group, has signed a strategic memorandum of understanding (MoU) with Wadi Degla Developments to implement ambitious investment plans in Saudi Arabia, according to an emailed press release.

Signed during Cityscape Global 2024, the MoU aims to increase investments in the Saudi market by offering innovative housing solutions that meet residents’ expectations.

The agreement builds on Wadi Degla's commitment to expanding in line with its global strategic plan to boost investment and strengthen its presence in regional markets.

Through the MoU, Wadi Degla aims to duplicate its leading experience in developing residential communities represented in the “gated communities” concept such as the renowned "CLUB TOWN" model.

“This collaboration aligns with Saudi Arabia’s ambitious investment plans, which aim to drive economic growth and develop infrastructure to meet rising demand. The partnership also plays into and aligns with Saudi Arabia’s vision 2030,” Talal Hisham Al-Mutlaq, CEO of Miskan Real Estate Company, said.

“This cooperation aligns with Wadi Degla’s efforts to expand into international markets, particularly in the Gulf, with a focus on the Saudi market, which is experiencing a significant real estate and construction boom under Saudi Vision 2030,” Raymond Ahdy, CEO of Wadi Degla Developments, noted.

“The "CLUB TOWN" project, currently being implemented in Cairo's Maadi district, will be adapted for various locations in Saudi Arabia. Meanwhile, Wadi Degla Developments is also preparing to replicate this successful model across Egyptian governorates where Wadi Degla Sports Clubs are located," Ahdy added.