Three Egyptian developers ‘suspend Saudi projects’
Move reportedly due to political tensions between two countries – Reuters
Three developers from Egypt have put housing deals in Saudi Arabia on hold, Reuters reported.
The news agency cited “political tensions between the two countries” as being behind the moves.
Al Ahly for Real Estate Development, Orbit Group and Misr Italia were earlier said to be in deals to build thousands of housing units in the Kingdom. But Misr Italia said the deal had been cancelled, and the other two developers told Reuters the agreements had been suspended.
“We suspended the agreement with the Saudi Housing Ministry despite all project studies being concluded because of worries over tensions between Egypt and Saudi Arabia,” Al Ahly for Real Estate Development Chairman Hussein Sabour told Reuters.
Saudi officials did not immediately respond to requests for comment when contacted by Reuters.
