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Saudi Housing Minister Meets Egyptian Real Estate Developers

The Egyptian Minister of Housing and his Saudi counterpart, with the head of the Talaat Moustafa group. (Photo: Asharq Al-Awsat)
The Egyptian Minister of Housing and his Saudi counterpart, with the head of the Talaat Moustafa group. (Photo: Asharq Al-Awsat)
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Saudi Housing Minister Meets Egyptian Real Estate Developers

The Egyptian Minister of Housing and his Saudi counterpart, with the head of the Talaat Moustafa group. (Photo: Asharq Al-Awsat)
The Egyptian Minister of Housing and his Saudi counterpart, with the head of the Talaat Moustafa group. (Photo: Asharq Al-Awsat)

The Egyptian-African Businessmen Association (EABA) organized an intensive meeting on Saturday in Cairo to discuss opportunities for real estate development in the Kingdom.

The meeting was attended by Majid Al-Hogail, Saudi Minister of Housing, Dr. Essam bin Saad bin Saeed, Saudi Minister of Hajj and Umrah, and Engineer Mohamed Albuty, Chairman of the Board of Directors of the National Housing Company, along with the EABA Construction and Building Committee, headed by Engineer Mahmoud Hegazy and a group of senior Egyptian real estate developers.

The Saudi side gave a detailed presentation of the Kingdom’s achievements over the past six years in the housing sector, emphasizing the role of the National Housing Company in this regard.

“All of this contributed to the growth of the volume of financing for real estate projects from 30 billion riyals to nearly 380 billion riyals during the last 5 years,” Al-Hogail said, pointing to the increasing demand on the integrated housing system implemented by Saudi Arabia.

The Saudi minister affirmed his full support for Egyptian real estate developers’ endeavor to work within the Kingdom, saying that Saudi Arabia was “proud of the Egyptian expertise and ready to strengthen cooperation in this field.”

For his part, Dr. Yousri El-Sharqawy, head of the Egyptian-African Businessmen Association, stressed that the Kingdom has provided a pioneering model in real estate development.

He added that the EABA was looking forward to establishing joint investments between the private sector and real estate developers under the auspices of the two countries’ leaderships.

On Friday, Eng. Hisham Talaat Moustafa, CEO and Managing Director of Talaat Moustafa Group, received the Saudi minister and his Egyptian counterpart, and the accompanying Saudi delegation, on a tour inside the city of Madinaty in New Cairo.

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Egypt Makes Progress in its Nuclear Energy Project

Construction work at the El-Dabaa nuclear power plant. (Egyptian Nuclear Power Plants Authority)
Construction work at the El-Dabaa nuclear power plant. (Egyptian Nuclear Power Plants Authority)
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Egypt Makes Progress in its Nuclear Energy Project

Construction work at the El-Dabaa nuclear power plant. (Egyptian Nuclear Power Plants Authority)
Construction work at the El-Dabaa nuclear power plant. (Egyptian Nuclear Power Plants Authority)

Egypt has reported significant progress in the construction of the El-Dabaa nuclear power plant in the country’s northwest, a project being developed in cooperation with Russia. The government announced on Tuesday that more than 20% of the project has been completed.

Egypt and Russia signed a cooperation agreement on November 19, 2015, to establish the nuclear power station at a cost of $25 billion, funded through a Russian government loan. The final agreements for El-Dabaa were signed in December 2017.

The plant will consist of four nuclear reactors with a total generation capacity of 4,800 megawatts, each producing 1,200 megawatts. The first reactor is scheduled to begin operations in 2028, with the remaining units coming online gradually as part of Egypt’s energy mix.

In its quarterly performance report, the Egyptian government stated that the project aligns with efforts to expand the peaceful use of nuclear energy within the national power grid.

President Abdel Fattah al-Sisi emphasized in November the importance of executing energy projects efficiently and on schedule, calling them a pillar of Egypt’s development strategy. He underscored the need to adhere to the project timeline while ensuring the highest standards of execution and workforce training.

Also in November, Prime Minister Mostafa Madbouly reaffirmed Egypt’s commitment to the project, stating that El-Dabaa would enhance renewable energy capacity and stabilize the national power grid.

In early March, Russia’s Atomstroyexport announced that construction on the second reactor at El-Dabaa had progressed ahead of schedule. According to the Egyptian Nuclear Power Plants Authority, the second tier of the inner containment structure had been installed at the reactor building.

Egypt experienced widespread power outages last summer, which ended in late July after securing sufficient fuel supplies for its power plants.

The El-Dabaa project is part of Egypt’s strategy to diversify its energy sources, generate electricity to meet domestic demand, and reduce reliance on imported gas and other fuels.

On Tuesday, the government also announced an additional 200 megawatts of private-sector solar power capacity as part of its efforts to expand renewable energy. Officials said the move would support energy diversification and advance the country’s sustainable development strategy.