Real estate Drwazah Company Limited plans to direct EGP 10bn investments in Egypt’s real estate market in the coming period, the company’s Chairperson Haitham Al Othah announced.
During the official launch of the company’s new branch in Egypt on Tuesday, Al Othah added that the first projects Drwazah will focus on is housing and tourism projects.
“The inauguration of Drwazah’s first business in Egypt represents a new episode in the series of joint businesses between owners in Egypt and their brothers in the Arabian Gulf, within the framework of enhancing and activating mutual cooperation in all economic fields,” Al Othah added.
He called on Egyptian business owners to take advantage of investment opportunities in Gulf countries in general, and Saudi Arabia in particular, through creating strategic partnerships with business owners in the Gulf States.
For his part, Majed AlRwaily, chairperson of Al Jouf Chamber of Commerce and Industry said that the economic and trade relations between Egypt and Saudi Arabia have doubled significantly in the last period.
AlRwaily pointed out that trade exchange between Egypt and Saudi Arabia amounts to $6.1bn, as Saudi investments ranked first among the Arab countries investing in Egypt with more than 4,309 projects, at a cost of $54bn. Meanwhile Egyptian investments in Saudi Arabia reached 1,300 projects with investments exceeding $2.5bn.
He believed that the Egyptian real estate sector is expected to continue growing in the period from 2019 to 2024, predicting a deduction in Egypt’s interest rate that will attract new investments.
On the other hand, Ahmed Sabry Darwish, chairperson of Ain Sokhna Commercial and Industrial Investment said that his company is now developing industrial land in the Suez Canal axis.
Darwish added that the Egyptian state has succeeded in implementing several steps to support investment in the real estate sector and attracting more national and foreign capitals.