Egypt's Madinet Masr in talks for Saudi, UAE expansion
Egyptian developer Madinet Masr is in talks with companies in Saudi Arabia and the UAE for possible joint ventures, its CEO has said.
Abdallah Sallam said his EGX-listed company is negotiating with up to four developers and contractors in Saudi Arabia and two in the UAE.
'We are talking with 3 to 4 companies in Saudi Arabia…some of them have their own lands,' Sallam told Zawya Arabic.
He declined to identify those companies apart from saying Madinet Masr could begin with the capital Riyadh to launch its partnership projects.
'We prefer to work with partners with knowledge in the market…this possible partnership may lead to an alliance to obtain new lands for development or to develop a land owned by a partner,' he said.
As for the UAE, Sallam said the negotiations involve one local company and a foreign firm as part of plans to expand in that country.
He also said Madinet Masr aims to double its investments in Egypt this year compared with 2024, when they stood at around $118.9 million.
(Reporting by Safia Mounir; Translation by Nadim Kawach; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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