Saudi-Egyptian alliance inks development agreement for $1bln projects

The alliance is represented by the companies Alupco, Olayan Group, Okta International, and City Edge Developments, according to a press release

Staff Writer, Mubasher

February 21, 2024

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The Egyptian government, represented by the Arab Organization for Industrialization (AOI), signed a memorandum of understanding (MoU) with a Saudi-Egyptian alliance.

The alliance is represented by the companies Alupco, Olayan Group, Okta International, and City Edge Developments, according to a press release.

Furthermore, the alliance plans to execute projects worth approximately $1 billion soon.

Osama bin Ahmed Nugali, Saudi Ambassador to Egypt, stated that the partnership will open up investment opportunities for Egyptian companies and bolster the exchange of experiences between the two parties.

Meanwhile, the President of AOI, Abdel Rahman Abdel Azim, said the MoU aims to provide logistical support for real-estate development ventures across the Kingdom.

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