The Saudi market is the closest to the Egyptian real estate market

Ismail Al-Habrouk, CEO of Al-Habrouk Engineering Consulting Office, spoke about the tendency of some local real estate companies to invest in the Saudi market.

Al-Habrouk, who is a member of the Real Estate Committee of the Egyptian-Saudi Business Council, said that the Kingdom of Saudi Arabia is witnessing an unprecedented urban shift by establishing cities and integrated infrastructure, and these projects need expertise available to many Egyptian developers.

Hard currency

He continued, Working on the partnership system will be the ideal mechanism for the Egyptian developer in Saudi Arabia with the government and a Saudi partner, in order to overcome the difficulties of transferring hard currency outside Egypt.

He referred to meetings between Saudi officials and Egyptian investors to learn about the investment opportunities available in Saudi Arabia in the residential, agricultural and tourism sectors.

Saudi market

Al-Habrouk believes that the Saudi market is the closest to the Egyptian real estate market, with its purchasing power and real demand, reinforced by the Saudi government’s desire to create a large market by granting facilities in land prices and land partnership offers, as well as providing Saudi investors to reduce the burden on the Egyptian developer.

Egyptian market

All of this is a desire on the part of the Saudi side to benefit from the existing expertise in the Egyptian market, which will be reflected in the cost of projects, especially with the adoption of the method of participation in development.

Real estate market

“The state must be satisfied with its presence in the real estate market as a partner to the private sector and not as a competitor to it, in a way that benefits all parties to the real estate system, in addition to its main role as a regulator and observer of the market,” Al-Habrouk said.

Foreign consulting  

Regarding the tendency of many developers to contract with foreign consultants for their projects inside Egypt, Al-Habrouk said that the use of foreign consulting offices differs according to their previous work and the nature of the project, stressing that the foreign consultant is the best option in setting the general plan for major projects and hotel projects.

local consultant

As for residential projects with small spaces and unit design, the most appropriate local consultant is to keep pace with the culture of the Egyptian market. The same is true in Gulf countries such as the UAE and Saudi Arabia. Unit design takes into account the culture of the Gulf citizen and the provision of privacy.