Talaat Moustafa Group from Egypt and Al Muhaidib Group have formed a joint venture company to collaborate on major real estate developments in Saudi Arabia.
The new firm, called Talaat Moustafa Group Saudi Company for Real Estate Development, will see the two firms pool their expertise. Their first project will be Banan City in Riyadh.
“We are pleased for the group’s new imprint in Saudi Arabia, which reflects our vision and promote endeavour to develop more sustainable smart cities with a modern style, based on our expertise extending over more than fifty years,” Hisham Talaat Moustafa, CEO of Talaat Moustafa Holding Group said.
Al Muhaidib Group is a major investment conglomerate in Saudi Arabia, active in sectors including real estate, banking, food production and infrastructure.
“We are very optimistic about this strategic partnership with Talaat Moustafa Group, through which we aim to achieve sustainable development in developing smart cities and their infrastructure, and to enhance the group’s role in enhancing the real estate development and construction sectors, and supporting the Kingdom’s national economy,” Sulaiman Abdulkadir Al Muhaidib, Chairman of Al Muhaidib Group said.
Banan City will cover 10 million square metres, with 40 percent reserved for open spaces.
It will include 27,000 residential units in villas and apartments, along with schools, hospitals, commercial areas and public services.
International consultants have been appointed to plan the new city to modern standards whilst reflecting Saudi Vision 2030.
The partners aim to set a new benchmark for quality real estate development in the Kingdom.
Follow us on
Brand View allows our business partners to share content with Arabian Business readers.
The content is supplied by Arabian Business Brand View Partners.
