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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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Saudi Trade Surplus Hits 10-Month High as Imports Decline

King Abdulaziz Port in Dammam, Eastern Saudi Arabia (Asharq Al-Awsat)
King Abdulaziz Port in Dammam, Eastern Saudi Arabia (Asharq Al-Awsat)
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Saudi Trade Surplus Hits 10-Month High as Imports Decline

King Abdulaziz Port in Dammam, Eastern Saudi Arabia (Asharq Al-Awsat)
King Abdulaziz Port in Dammam, Eastern Saudi Arabia (Asharq Al-Awsat)

Saudi Arabia posted its highest trade surplus in 10 months in February, buoyed by a sharp drop in merchandise imports, a trend that supports state revenues, bolsters currency stability, and reflects strong global demand for locally produced goods.

The Kingdom recorded a trade surplus of 31 billion riyals ($8.26 billion) in February, up 44.6% from 21 billion riyals in January and higher than the 29 billion riyals recorded in the same month last year, data from the General Authority for Statistics showed.

The surge came despite a slight dip in exports, as merchandise imports fell by 5.6% month-on-month to 63 billion riyals ($16.7 billion) — the lowest level since late 2023. Meanwhile, merchandise exports stood at 94 billion riyals ($18.3 billion), down from 97 billion riyals in January.

Saudi Arabia’s non-oil exports, including re-exports, rose 14.3% year-on-year in February to 26 billion riyals ($6.9 billion), up from 23 billion riyals in the same month last year, driven by ongoing efforts to boost domestic industry and global market access.

The growth comes as the Kingdom steps up its “Made in Saudi” initiative, aimed at helping local companies expand operations, tap new customer bases, and market their products to a wider audience. The program is part of Riyadh’s broader push to diversify the economy and reduce reliance on oil.

Trade experts say the rise in exports relative to imports is supported by a mix of financial incentives, export facilitation, and expanded logistics infrastructure across air, land and sea.

China remained Saudi Arabia’s largest export destination in February, accounting for 16.2% of total exports. South Korea followed with 10.1%, and the United Arab Emirates came third with 9%.

Dr. Fawaz Alamy, an international trade expert, told Asharq Al-Awsat that the trade surplus reflects the Kingdom’s successful policies to stimulate the private sector and boost the competitiveness of national products abroad. He said recent regulatory reforms have eliminated key obstacles for exporters and helped create entities that support global expansion.

He added that government agencies are working closely with the private sector by providing consulting services, financing, and market targeting strategies to facilitate international trade.

“Saudi Arabia’s non-oil activities are now growing steadily and contributing more than 50% to GDP,” Alamy said, noting this aligns with Vision 2030 goals to build a diversified and thriving economy.

Economic analyst Ahmed Al-Shehri echoed the sentiment, saying February’s trade surplus highlights the success of government collaboration in enhancing the export environment, overcoming exporter challenges, and improving export-related knowledge and talent.

He added that authorities continue to support the private sector and create an attractive environment for local and foreign investment. “In recent years, the government has worked to understand and remove the challenges facing domestic companies to ensure they can drive economic growth,” Al-Shehri said.

He noted that the non-oil sector’s contribution to GDP is now around 50%, adding: “Government agencies are actively helping manufacturers and exporters identify global market opportunities and deliver tailored support.”