Tatweer Misr to announce 1st SAR 4B project in Saudi Arabia soon
Updated 9/12/2023 7:34:00 AM
Arab Finance: Egyptian real estate company Tatweer Misr will announce in the upcoming weeks its first project in Riyadh, in cooperation with the Saudi real estate developer Naif Alrajhi Investment, worth up to SAR 4 billion, the company’s CEO Ahmed Shalaby said in an interview with Asharq Business.
Shalaby noted that the project represents the starting point for the launch of several projects in the Saudi market.
As for the company’s performance in the Egyptian market, Shalaby said that the company garnered sales of around EGP billion in the first half (H1) of 2023, expecting it to exceed EGP 18 billion by the end of the current year.
He attributed the increase in sales to the high prices as well as the increase of demand.
Shalaby pointed out that the firm has a stock of over EGP 500 million sufficient until the end of this year.
The company reserves 10% to 15% of the value of units to be sold at higher prices after the completion of the projects, he said.
Earlier in in 2021, Shalaby announced in an interview that his firm was looking forward to accessing the Saudi and Libyan markets and that it aspiring to enter the Saudi market in 2023.
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