Egyptian developer Tatweer Misr announced on Monday that it has signed a partnership agreement with Saudi Arabia’s Naif Alrajhi Investment as part of its regional exansion plan starting with Saudi Arabia.

The agreement was signed by Naif Saleh Alrajhi, the Founder and CEO of Naif Alrajhi Investment, and Ahmed Shalaby, President and CEO of Tatweer Misr.

Tatweer Misr said in a statement that the partnership aims to create a joint venture (JV) focused on construction and real estate investment, with the goal of developing integrated urban projects and tourist resorts in Saudi Arabia.

The statement said the JV will focus on residential, commercial, educational, entertainment, and hospitality projects in Saudi Arabia, and in the future, in Egypt.

Currently, Tatweer Misr has six significant projects in various stages of development and planning in Egypt, with total investments exceeding $5 billion. This includes the 545-acre IL Monte Galala in Ain El Sokhna and the 415-acre Bloomfields mixed-use project in Mostakbal City.

(Writing by Eman Hamed; Editing by Anoop Menon)