Egypt Plans to Participate in Saudi City NEOM

Mohamed Youssef, Executive Director of the Egyptian Businessmen’s Association, confirmed that the Real Estate Development Committee will soon discuss holding virtual meetings with members of the Saudi National Real Estate Committee.

He explained that experts from the Egyptian banking sector and real estate companies will be present at the meeting to discuss the encouragement of attracting Saudi investment funds in order to finance real estate and real estate exports, as well as present the experience of Egyptian and Saudi companies in the field of urban development and employment opportunities in the project. NEOM, the Red Sea project, the Economic City of Knowledge and various other national projects within the framework of the vision of the development of the cities of the Kingdom and Egypt until 2030.

The delegation of the National Committee for Real Estate of the Federation of Saudi Chambers stressed the importance of expanding the horizons of cooperation between private sector organizations in the field of urban development and using the material and human capabilities and experience of Egypt and Saudi Arabia in creating smart cities and providing investment funds. They said that the Kingdom’s vision until 2030 aims to create 140,000 housing units to increase housing projects by 70%, as well as to receive 30 million Umrah pilgrims, which provides new employment opportunities and huge economic and investment relations between businessmen in the two countries.

Source: Al-Masri Al-Youm.

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