EGX-listed developer Madinet Masr announced on Wednesday that its joint venture with Saudi developer Waheej Real Estate is planning to acquire a plot in Riyadh to develop an integrated residential project.

The company said in a press statement that Citydom, its 50:50 joint venture with Waheej, is studying acquisition of a land plot located within the Al-Janadriyah district in northeast Riyadh.

Financial details and project specifications were not disclosed.

The statement said Citydom will leverage Waheej’s deep local market expertise and Madinet Masr’s six decades of experience in developing integrated urban communities in Egypt to deliver innovative urban solutions aligned with Saudi culture and environment.

Madinet Masr, established in 1959, is one of Egypt’s leading urban development companies with a landbank of 12.8 million square metres (sqm).

In July, Zawya Projects had reported that Madinet Masr has set up a UAE subsidiary as part of its plans to expand in the Gulf region.  

(Writing by Eman Hamed; Editing by SA Kader)

(anoop.menon@lseg.com)

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