Egypt's Minister of Housing, Utilities, and Urban Communities, Sherif El-Sherbiny, has announced plans to establish a joint Egyptian-Saudi real estate investment fund. The fund will feature a diversified portfolio of land assets and investment opportunities, aiming to drive development across strategic locations in Egypt. The initiative, which will fall under the supervision of the New Urban Communities Authority (NUCA) and the Tourism Development Authority, is part of broader efforts to deepen Egyptian-Saudi cooperation in the real estate sector and attract fresh capital into key development projects. El-Sherbiny made the announcement during a panel discussion held with representatives from the Saudi Chambers of Commerce and the Saudi-Egyptian Business Council, highlighting it as a milestone in advancing bilateral investment relations. A dedicated unit will be set up within NUCA to monitor joint projects with Saudi partners, as well as other Saudi investments on NUCA-administered lands. This unit will be tasked with ensuring project efficiency, streamlining oversight, and supporting sustainable growth in the sector. El-Sherbiny also pointed to Egypt's evolving urban development model under President Abdel Fattah El-Sisi's leadership, noting that the past decade has seen a dramatic transformation in the country's urban landscape. He outlined a broad spectrum of investment opportunities across Egypt's expanding network of cities—particularly the fourth-generation urban centers such as the New Administrative Capital, New Alamein, and New Mansoura—as well as prospects in earlier generations of new cities and major tourism zones. Reaffirming the ministry's commitment to facilitating investment, El-Sherbiny encouraged both Egyptian and Saudi developers to expand their involvement. He expressed personal readiness to address any challenges investors may encounter, pledging to expedite solutions to ensure the success of incoming projects. Reflecting on his recent participation in Cityscape Global in Riyadh, El-Sherbiny praised the vibrant atmosphere among exhibitors and investors in Saudi Arabia and emphasized the potential for expanding real estate investment collaboration between the two nations. He concluded by emphasizing that enhanced Egyptian-Saudi cooperation in real estate could pave the way for valuable exchanges of expertise and best practices. Harnessing the combined strengths of both countries, he said, holds the promise of delivering impactful, sustainable development that benefits both economies.
