Property

Egyptian developer Al-Ahly ‘to enter Saudi market this year’

Company aims to expand overseas business

PHOTO: Al-Ahly is a joint stock company with the National Bank of Egypt holding a 40% share. Credit: Shutterstock

Egyptian property developer Al-Ahly for Real Estate Development is studying the possibility of launching several housing projects in Saudi Arabia by the end of the year, its chairman Hussein Sabbour told news agency Amwal Al Ghad.

The move would be in conjunction with the company’s aim to expand its overseas business, it was reported.

The company has reportedly signed a separate cooperation deal with the Saudi Ministry of Housing to begin implementing a number of housing projects that will cater to middle-income earners.

Al-Ahly is a joint stock company with the National Bank of Egypt holding a 40% share, and the remaining 60% being owned by the Sabbour Family.

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