Tatweer Misr, Naif Alrajhi Investment are finalising necessary procedures to launch their joint entity, introduce their first project in the Saudi market, specifically in Riyadh
Tatweer Misr, a leading real estate developer in Egypt, has achieved its highest-ever revenue of EGP 12bn in the first half of 2023 while expanding its portfolio and meeting its delivery and operational targets. The company also raised its sales target for the year from EGP 15bn to EGP 18bn and announced the successful implementation of its external expansion plan.
Ahmed Shalabi, President and CEO of Tatweer Misr, said: “We have recorded a remarkable growth of 400% in sales during H1 2023, compared to EGP 3.1bn in H1 of last year, despite global and local economic challenges. We continue to explore investment opportunities that create integrated urban communities based on innovation, sustainability, and quality, creating added value for our projects and neighbouring areas.”
Tatweer Misr launched its sixth project, “Salt,” on Egypt’s northwest coast, spanning over 300 acres with various units, all with direct sea or lake views. The company delivered 2,600 units in the first half of 2023 and aims to deliver 3,600 units by the end of the year. It also delivered and operated the first phase of “D-Bay,” another project on the North-western Coast, with 120 seafront units, a 320 square metres beachfront, and two Crystal Lagoons. The project offers diverse services, including “Sports Society,” a sports academy with professional international trainers.
Almost 45 km away from D-Bay, Tatweer Misr also launched the second phase of Fouka Bay’s “Crystal Lagoons,” setting it as one of the top summer destinations on the North-western Coast. The project offers a variety of residential units and furnishing options, as well as hotel hospitality services.
As for Tatweer Misr’s participation in global events, the real estate developer participated in the Cityscape Global Exhibition held in Riyadh, Saudi Arabia. This participation aligns with the company’s vision of exporting Egyptian real estate to foreign markets and its regional expansion plans by forging partnerships with various entities in the region, including the Saudi Ministry of Investment, Ministry of Municipal and Rural Affairs and Housing, as well as Naif Alrajhi Investment Group.
Earlier last March during Tatweer Misr’s participation in MIPIM, the world’s leading real estate market event, the real estate developer had announced the signing of a memorandum of understanding between Dr. Ahmed Shalaby, President and CEO of Tatweer Misr, and Mr. Fahd bin Jamal Al-Naim, Deputy Minister of Investments for Development at the Saudi Ministry of Investment and Mr. Abdulrahman Al-Tawil, Deputy Minister for Real Estate Development at the Ministry of Municipal and Rural Affairs and Housing. The purpose of the MoU was to discuss promising real estate investment opportunities in the Kingdom and explore means to leverage government initiatives to facilitate real estate development procedures.
Later in May, Tatweer Misr signed a strategic partnership with Naif Alrajhi Investment – one of the largest Saudi companies working in real estate, financial markets, partnerships, and acquisitions – to establish a joint venture for construction and real estate investment. This partnership aims to develop integrated urban projects and tourist resorts per the highest international standards in KSA, to create added value to the Saudi real estate market through the expertise of both entities, and to help contribute to achieving the Kingdom’s Vision 2030.
The partnership underscores Tatweer Misr’s remarkable accomplishment in attaining one of its key strategic imperatives, namely regional expansion beginning with the Saudi Arabian real estate market. The cooperation entails developing projects that provide a distinctive quality of life, while providing multiple services, including operation and community management. In line with the strategic vision of the two companies, the partnership reinforces cooperation and exchange of expertise in real estate to establish integrated urban development. Currently, both companies are finalising necessary procedures to launch their joint entity and introduce their first project in the Saudi market, specifically in Riyadh.