Home Africa Egyptian real estate developers say Saudi project suspended

Egyptian real estate developers say Saudi project suspended


Three Egyptian real estate executives said on Thursday that their companies have suspended housing deals with the Saudi Arabian government amid political tensions between the two countries.

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A Saudi housing ministry official denied that any project had been suspended.

Four Egyptian real estate companies had signed memorandums of understanding with the Saudi Housing Ministry during King Salman’s April visit to Cairo last year.

Since then, political differences have emerged as the two Arab powers have diverged on the conflict in Syria, and an Egyptian court blocked the transfer of two Red Sea islands to Saudi Arabia which Cairo had agreed during Salman’s visit.

Al Ahly for Real Estate Development, Talaat Mostafa Group, Misr Italia, and Orbit Group were to build housing units in Saudi Arabia. Details of the deals were not clear, but local media had said each firm would build between 10,000 to 15,000 units.



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