The Public Investment Fund of Saudi Arabia and the Saudi unit of Egypt’s Talaat Moustafa Group are entering into a partnership exploring potential mixed-use real estate developments within the kingdom as the PIF seeks foreign investment to meet a Vision 2030 reset.
This partnership aligns with PIF’s broader strategy to diversify the Saudi economy by fostering regional and international partnerships, attracting foreign investments and advancing priority industries.
Riyadh’s New Focus
It comes as Riyadh is scaling back mega projects, instead prioritising domestic private sector investment across tourism, real estate, and technogloical deliverables.
The SWF emphasised that such collaborations are vital for achieving the objectives of Vision 2030, aiming to boost home ownership among Saudi citizens to 70%.
TMG Expansion
TMG recently secured a licence from Iraq to construct a smart green city near Baghdad.
TMG, listed on the Egyptian Stock Exchange and is known for its expertise in hospitality and gated communities, sees this collaboration as a strategic enhancement to its portfolio.
Despite this positive outlook, TMG’s shares experienced a decline, closing nearly 2% lower at EGP 94.50 on Sunday.
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