PHOTO
Egyptian real estate developer Inertia is planning to expand into Saudi Arabia, with a focus on Riyadh as its first market, the company's CEO Ahmed ElAdawy told Zawya Projects.
He said the company has registered with the National Housing Company (NHC) and is currently studying available land opportunities.
NHC is the investment arm of Saudi Ministry of Municipal and Rural Affairs and Housing for initiatives and projects in the Kingdom's real estate sector.
"We are looking for plots ranging from 500,000 to one million square metres (sqm) at different locations based on project requirements.
He added that they are targeting Riyadh for their first project in the Kingdom.
Zawya Projects reported on Wednesday that the private developer achieved 10 billion Egyptian pounds ($199 million) in sales in 2024 against a target of EGP 8.2 billion ($162 million) and is aiming to achieve EGP23 billion ($455 million) by 2025.
(Reporting by Eman Hamed; Editing by Anoop Menon)
Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
