Madinet Masr, led by Egyptian tycoon Abdallah Sallam, eyes Saudi expansion

Key Points

• Madinet Masr teams up with Waheej to jointly develop residential, commercial, and administrative projects in Saudi Arabia under Vision 2030 urban growth goals.
• The MoU strengthens Madinet Masr’s regional push, enabling it to replicate Egypt’s real estate success across high-growth Gulf markets like Saudi Arabia.
• A joint development company is under consideration, with future projects guided by separate agreements and full compliance with regulatory standards.

Madinet Masr Housing and Development (MNHD), one of Egypt’s top real estate players, led by Abdallah Sallam, has signed a Memorandum of Understanding (MoU) with Saudi-based Waheej for Real Estate to advance joint development projects across the Kingdom of Saudi Arabia. The move marks a strategic step in Madinet Masr’s broader regional expansion roadmap by leveraging the exchange of technical and financial expertise and information.

The agreement, signed in Riyadh by Abdallah Sallam and Waheej CEO Rashid Saud Al-Jadoua, sets the foundation for a long-term collaboration to develop residential, commercial, and administrative projects in alignment with Saudi Vision 2030. The two firms will leverage shared technical and financial expertise to co-develop projects that support housing growth and elevate urban living standards across the Kingdom.

Saudi pivot deepens Madinet Masr’s regional play

The deal signals Madinet Masr’s intent to tap into Saudi Arabia’s booming real estate market amid accelerating demand and government-driven reforms. The Cairo-based developer, which has over 60 years of experience in Egypt’s urban sector, aims to replicate its success model in high-growth regional markets.

“This partnership marks an important milestone in our expansion strategy across regional markets—particularly in Saudi Arabia, which is witnessing remarkable urban and economic growth,” said Abdallah Sallam, President and CEO of Madinet Masr. “We are proud to collaborate with Waheej for Real Estate and look forward to turning this agreement into tangible, successful projects on the ground.”

For Waheej, the partnership aligns with its vision of delivering high-impact real estate projects that contribute to national housing goals. “Through this collaboration, we aim to exchange knowledge and deliver impactful projects that support the housing sector and contribute to the Kingdom’s broader development objectives,” said Rashid Saud Al-Jadoua, CEO of Waheej for Real Estate.

Joint development company under consideration

Founded in 1959, Madinet Masr has built a strong track record in residential, commercial, and mixed-use development. Under Abdallah Sallam, the company has launched several new ventures, focusing on modern urban design and emerging lifestyle trends.

As part of the agreement, both parties will consider establishing a joint real estate development company in Saudi Arabia. Each future project will be governed by separate agreements that outline the roles and responsibilities of both developers, ensuring full compliance with regulatory standards.

The MoU reflects Madinet Masr’s strategic focus on becoming a regional real estate powerhouse, extending its reach beyond Egypt by forming smart partnerships tailored to local market conditions. With a proven track record in large-scale urban planning, Madinet Masr continues to blend growth with sustainable development principles across the Middle East.