Egypt’s real estate developer Akam Developments and AlRajhi Saudi Group launched AkamAlRajhi Developments to develop urban real estate projects.
In a press conference to announce the partnership, Abdulwahab Saleh AlRajhi, Chairperson of AlRajhi Saudi Group, stated that Saudi businessmen are happy to invest in Egypt, especially with the tremendous development the country is witnessing, under the leadership of President Abdel Fattah Al-Sisi, who paves the way for more investment opportunities and increases chances of Egyptian-Saudi partnership.
He said that this new joint venture aims to expand the group’s investments in Egypt, taking advantage of huge investment opportunities in the Egyptian market, especially in the real estate sector, added that the New Administrative Capital and other smart cities across Egypt, witness great development in infrastructure.
AlRajhi added that their choice of Akam was not random, but after a study of the company’s approach and vision in the real estate development sector.
Meanwhile, CEO of Akam Developments Essam Mansour said that launching the new company, AkamAlRajhi, is a turning point for Akam, adding, “Our strategy is based on identifying problems and developing solutions before planning any project, offering a real estate product that the Egyptian market has never seen before, and keeping pace with the new shift and urban renaissance supported by President Al-Sisi.”
Mansour stated that AkamAlRajhi will provide the Egyptian market with different products that meet the aspirations of their clients, revealing that the first project by this joint venture will be in the North Coast, and will be a starting point for a series of successes that meets the aspirations of two large entities.
Edris Mohamed, CEO of AkamAlRajhi, expressed his happiness for choosing Akam Developments to be the exclusive strategic partner of the AlRajhi Saudi Group in Egypt, stressing that the new company will be a strong addition to the sector.
Mohamed added that the property development concept in the Group is not just about building walls or concrete buildings, but rather establishing communities to “humanize real estate”, which is also one of the most important characteristics of Akam Developments.