The Arab Organization for Industrialization (AOI) and a Saudi-Egyptian consortium, including Alupco “Olayan Group,” Okta International, and City Edge Developments, have signed a crucial Memorandum of Understanding (MoU) to support real estate projects in Saudi Arabia.
Key figures attending the ceremony included Saudi Ambassador Osama bin Ahmed Nugali, AOI President Major General Eng. Abdel Rahman Abdel Azim, and Embassy Commercial Attaché Anwar bin Hasusa.
Ambassador Nugali emphasized the importance of bilateral cooperation for economic prosperity, particularly through facilitating investment opportunities for Egyptian firms.
Eng. Abdel Azim expressed gratitude for the partnership and outlined plans for ventures worth $1 billion, aimed at generating employment and attracting investments in Saudi Arabia’s real estate sector.
The MoU signifies a joint commitment to advancing economic development in Saudi Arabia through strategic collaboration in the real estate industry.
This partnership promises transformative projects that will shape Saudi Arabia’s real estate landscape, ushering in a new era of growth and prosperity.
photo source: Google
By: Montel Kamau
Serrari Financial Analyst
21st February, 2024
