Tatweer Misr has announced signing a memorandum of understanding (MoU) with the Saudi Arabian Ministries of Investment, Municipal and Rural Affairs, and Housing, to discuss investment opportunities in the Kingdom, and promote government initiatives that facilitate the procedures of real estate development.
The collaboration comes in light of Tatweer Misr’s expansion strategy, which aims to diversify its portfolio of projects, and achieve its goal of becoming an international player.
On the sidelines of Tatweer Misr’s participation in the MIPM exhibition – which is held in Cannes, France from the 14th till the 17th of March -, for the fourth consecutive year, the MoU was signed by President and CEO of Tatweer Misr Ahmed Shalaby and from the Saudi Ministry of Investment; Deputy minister of Investments Development Fahad J. Alnaeem and from the Ministry of Municipal, Rural affairs and housing Abdelrahman AlTawil Deputy minister for Real Estate Development.
The MoU achieves a common interest for both parties, as it aligns with Tatweer Misr’s strategy and vision to expand the volume of its business in major regional and international markets through developing integrated, sustainable and smart urban communities, and to maximize investment returns for shareholders, while highlighting the magnitude of real estate development brought forth by the Egyptian market.
The MoU also achieves the objectives of Saudi Arabia’s 2030 Vision in improving the quality of city services and the urban landscape. In addition to developing and diversifying opportunities; increasing residential ownership to 70%; and enhancing the participation of the private sector.