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Egypt’s Concrete Plus eyes SAR 2 bn multi-use real estate project in Riyadh: Egypt-based construction, engineering, and contracting company Concrete Plus is partnering with local outfit Zahran Holding on the construction of a SAR 2 bn multi-use tower in Riyadh, Concrete Plus CEO Tarek Youssef told Asharq Bloomberg. The tower will include hotel, administrative, and commercial units.
Where things stand: The two companies are expected to sign a definitive agreement this quarter, Youssef said. It remains unclear whether a land plot for the project has been acquired or what the projected timeline for construction is.
Egyptian real estate players are flocking to Saudi to capitalize on the local real estate boom: Egypt’s Talaat Moustafa Group (TMG) kicked off a real estate project in Riyadh in May, hitting SAR 3.3 bn in sales up until late last month. Our friends at Hassan Allam Construction Saudi were also awarded a contract late last month to develop Port of NEOM’s Container Terminal 1 and a related marine services area among a slew of other undertakings in the Kingdom.
IN OTHER REAL ESTATE NEWS-
Saudi Fransi Capital’s Bonyan REIT Fund has acquired a SAR 225 mn 233-floor office tower in Riyadh, which it had funded with Shariah-compliant credit facilities, according to a disclosure to Tadawul.
