By: Ayman Abdel hafeez
Dr Mohamed bin Abdel Aziz Al-Aqil, the general manager of Dar Al-Ma’ali for Development and Real Estate Management, announced that the company is establishing a strategic partnership with real estate firm Al-Ahly for Real Estate Development.
In a statement to AlBorsa newspaper, president of Al-Ahly for Real Estate Development Hussein Sabbour said that his company entered into a partnership with the Saudi Dar Al-Ma’ali group to develop a project in New Cairo and is preparing to enter into strategic partnerships for other projects. The two companies are looking at a number of new investment opportunities in real estate and tourism in Cairo and satellite cities.
Sabbour said that he does not mind establishing a joint venture in light of the close relationship between both parties and the professionalism of the Saudi side, which was also confirmed by Dr Mohamed Al-Aqil. Al-Aqil also added that Dar Al-Ma’ali is now involved in multiple projects, mainly in the fields of real estate investment and short-term development.
The project, located in an area to be contracted from Al-Mustaqbal for urban development, is the second to be established in the partnership between the two sides.
Al-Aqil revealed Dar Al-Ma’ali’s intention of establishing a holding company to gather its various companies in Egypt under the umbrella of a single company in an effort to expand their business and investments in the country.