"Akam Al-Rajhi" alliance has launched a new project with investments of up to 8 billion pounds

Wael Salam 15 Jun 2022

Under the name "Akam Al-Rajhi Real Estate Development", an alliance was launched between the two Akam Real Estate Development companies and the Saudi Al-Rajhi Group.

In his speech during a press conference, Essam Mansour, Chairman of the Board of Directors of Akam Real Estate Development, stated that the company has been working in the Egyptian market for 5 years, during which it succeeded in laying the nucleus of a group of diverse projects.

Mansour added that the company is close to handing over the first phase of the "Scenario" project in the New Administrative Capital, noting that the new alliance is about to launch its first projects in the market soon.

He explained that the investments of the new project will range between 5 and 8 billion pounds, and it is located on an area of ​​125 acres, and the company that owns the land was acquired through the Akam Al-Rajhi alliance.

Mansour affirmed his confidence in the "Akam Al-Rajhi" company, saying: It will provide the Egyptian market with a different product that meets the aspirations of customers, and the first fruits of this partnership will be a very special project in the North Coast region.

While Abdel Wahab Al-Rajhi, head of the Saudi Al-Rajhi Group, said that the group has various investments in Saudi Arabia in the agricultural and food sectors, and decided to be present in the real estate development sector in Egypt due to the scale of urban development that Egypt is currently witnessing.

He added that they, as Saudi businessmen, are happy to have them as investors on the land of Egypt, especially in light of the tremendous development that Egypt is witnessing in all fields under the leadership of President Abdel Fattah El-Sisi, which paves the way for more investment opportunities and increases the chances of the Egyptian-Saudi partnership.

He pointed out that the first projects of the new alliance will be in the North Coast, making it a qualitative leap in the Egyptian real estate market, stressing that the strong historical and economic relations with Egypt support the company's plan to invest in it.

He added that there is optimism in the Egyptian real estate market and its performance, and the group is present in other economic sectors in Egypt, but it is the first presence in the real estate sector through the new alliance.

The new company was launched in the presence of a high-level delegation of Saudi businessmen, envoys of the Saudi embassy in the Arab Republic of Egypt, and a large number of prominent journalists and media professionals.

Al-Rajhi pointed out that this new partnership aims to expand the group’s investments in Egypt, in light of the opportunities enjoyed by the Egyptian market, especially the real estate sector, which is witnessing a huge boom in mega projects such as the new administrative capital and smart cities that are being implemented in various parts of Egypt.