Madinet Masr, Waheej sign MoU to drive strategic expansion in Saudi Arabia
Madinet Masr, one of Egypt's leading real estate developers, has signed a Memorandum of Understanding (MoU) with Waheej for Real Estate, a licensed Saudi real estate firm, marking a key step in its regional expansion strategy and pursuit of new investment opportunities.
The MoU was signed at Waheej's headquarters in Riyadh by Abdallah Sallam, President and CEO of Madinet Masr, and Rashid Saud Al-Jadoua, CEO of Waheej for Real Estate.
Under the agreement, the two companies will explore the joint development of residential, commercial, and administrative projects across the Kingdom of Saudi Arabia. The partnership aims to leverage shared technical and financial expertise, aligning with the goals of Saudi Vision 2030 to boost homeownership and enhance quality of life for citizens and residents alike.
'This partnership marks a significant milestone in our regional growth strategy, particularly in Saudi Arabia, which is experiencing unprecedented urban and economic transformation,' said Abdallah Sallam, President and CEO of Madinet Masr.
Rashid Saud Al-Jadoua, CEO of Waheej for Real Estate, commented: 'Through this collaboration, we aim to exchange knowledge and deliver high-impact projects that contribute to the Kingdom's housing sector and broader development goals.'
The MoU also includes plans for the potential formation of a joint real estate development company in Saudi Arabia. Each future project will be governed by separate agreements detailing the scope and responsibilities of both parties.
This partnership reflects a shared commitment to establishing a long-term, strategic relationship built on mutual understanding and full regulatory compliance.
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