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Mazaya Developments has announced the opening of a new branch in Saudi Arabia as part of its strategic expansion into several Arab markets. The move follows the company’s vision of exploring and seeking investment opportunities in foreign markets.
Mohamed Allam, the companys Chairperson, stated that Mazaya’s primary approach since its inception has been a continuous search for genuine investment opportunities both domestically and internationally, aiming to achieve significant profit returns for its clients.
We carefully select the locations for our projects after conducting thorough studies of all aspects, from land selection to design details and construction, as well as choosing successful partners such as consultants, contractors, and project operators, Allam said.
He explained that the companys decision to enter the Saudi market was driven by Saudi Vision 2030, which emphasizes the importance of attracting investments in urban development. The current time is ideal for entering the Saudi market, especially with the Kingdoms Vision 2030 and its strong desire to attract investments in urban development, particularly from Egyptian developers, Allam said.
Allam also noted that the Egyptian governments focus on property exports and efforts to attract more investments to the local market further strengthened the companys decision. Mazaya has been studying the Gulf markets for nearly two years and participating in several events held in the Kingdom of Saudi Arabia, which has increased its client base, including various Arab and foreign nationalities, as well as Egyptians working abroad.
This situation served as a motivation for the company to take formal steps to establish an official entity within the Saudi market, Allam said. The company chose the Riyadh area to present the investment opportunities it offers and executes in the Egyptian market directly, as well as to study and analyze available opportunities within the Saudi market in preparation for future projects there.
Allam stated that since its inception in the Egyptian market, Mazaya aims to become one of the leading real estate development companies within a few years by relying on thorough market research and addressing the actual needs of clients, offering various and distinctive projects in the best and most distinguished investment areas.
Without the national projects and new cities built by the state, the real estate market would not have achieved the unprecedented renaissance it is experiencing now, which has significantly contributed to creating numerous job opportunities and opened new marketing horizons, resulting in a massive market that contributes at least 20% to the national GDP, making this sector a true driver of economic development, Allam said.
Regarding the company’s expansion plans in the Egyptian market, Allam disclosed that the company is currently studying the implementation of a residential project and exploring available opportunities in the Fifth Settlement and West Cairo. It is scheduled to announce this project during the next year, noting that the current year is considered a year of construction for the company, while the next year will mark a new and different phase for the company in terms of the types of projects and the size of its investments according to their expansion plans in the Egyptian market.
The company is executing four projects in the New Administrative Capital, having launched its first project there in 2021, which is The Rock, covering an area of 2,630 sqm in the Downtown area, with investments nearing EGP 1.2bn. This project is a commercial and administrative venture.
Additionally, the company is working on the Gemini Red and Gemini Blue towers, each covering an area of 2,400 sqm with a ground floor plus 15 repetitive floors, with investments approaching EGP 1.5bn for each project, also located in the Downtown area, and both are commercial and administrative projects.
The fourth project of the company is Norm Spaces, established on an area of 6,661 sqm with investments close to EGP 5bn, and it is a commercial, administrative, and medical project.
