Dubleuse, the leading real estate company, has signed a joint venture agreement with RIVA Development, the major Saudi Arabian company, to foster collaboration between the two companies to develop diverse real estate projects in the Kingdom, with investments totaling $666 million (SAR 2.5 billion) and it spans 10 years.
The agreement was signed by Eng. Moaaz Wessam Al-Din, the Chairman of Dubleuse, and Eng. Mugbel AL Thukair, the Chairman of RIVA Development. The agreement is part of Dubleuse’s ambitious plan for the upcoming period to increase its land portfolio to 30,000 sqm and expand its projects inside and outside Egypt, utilizing the company’s expertise gained over more than 12 years in the field of engineering consulting and contracting and developing various projects that have affirmed its leadership and ability to strongly compete in the local and regional real estate market.
This partnership echoes the long-standing relations between Egypt and Saudi Arabia across various sectors (political, economic, commercial, and social). Both parties expressed their enthusiasm for the fruitful cooperation and their eagerness to strengthen Egyptian-Saudi relations at all levels. This agreement marks a new breakthrough for excellence in the region’s real estate development landscape.
His Excellency the Ambassador Plenipotentiary, Diaa Hamad, Deputy Egyptian Ambassador to the Saudi Arabia Kingdom, praised the deep Egyptian-Saudi relations at all levels, which enhance joint investment visions and promote investment exchange between the two countries. He assured the continuation of this strong relationship, supported by the political leadership of both countries.
Eng. Moaaz Wessam, the Chairman of Dubleuse, stated that, “The company aims to leverage its experiences to develop worthy projects in Saudi Arabia with global specifications and standards, combining Egyptian and Saudi expertise to deliver a top-notch real estate product. This contributes to the Kingdom’s current development and growth plan. That’s why we collaborate with RIVA Development, the leading company in developing distinguished projects.”
Moaaz further highlighted the importance of a strong strategic partner who enhances his company’s expertise, sharing the same investment strength, vision, and ambition to implement flagship projects that will leave a fingerprint on the Saudi market. All market studies have been completed to understand the target projects and the Saudi market, ensuring a suitable real estate product for the target client.
“The Egyptian real estate sector is experiencing a period of prosperity and growth, serving as a powerful engine for the Egyptian economy in recent years, following the significant support provided by the Egyptian government to the real estate sector and its sustainable development plan and comprehensive urban renaissance through the development of several new and smart cities, most notably the New Administrative Capital (NAC) and the New Alamein City. This confirms the alignment of vision between Saudi Arabia and Egypt regarding the significance of the real estate sector as one of the most important pillars of economic development,” Eng. Moaaz added.
Eng. Mugbel AL Thukair, the Chairman of RIVA Development, emphasized the importance of the joint cooperation with Dubleuse and noted that, “We are pleased with the agreement concluded with one of the distinguished real estate companies in the real estate development field. We strive to work together and exchange expertise to provide diverse real estate projects that reflect the extent of development in the Saudi real estate sector, in line with Vision 2030 to achieve integrated urban development and attract more real estate investments within the Kingdom across various sectors.”
“The company has strong and ambitious plans to operate in the Saudi market, especially after the partnership agreement with RIVA Development, which has all the factors for success, starting with the development of a portfolio of distinguished projects with significant investments. The investment alliance between the two companies aims to develop many leading and innovative projects in the coming years, ranging from commercial, administrative, residential, and hotel projects. This type of project requires strong expertise, successful previous work portfolio, and financial solvency, which are achieved through strategic partnerships,” commented Dr. Galal Sheikh, Director of Business Development at Dubleuse.
