Wall Street Group has signed a memorandum of understanding (MoU) with the Saudi AlHaddab Holding Company, to open its first abroad branch in the Kingdom of Saudi Arabia, with sales targets of $266 million during the first year.
The agreement was signed by Mr. Ihab Saeed, Wall Street Group Chairman, and Mr. Sultan Al Othaimeen, AlHaddab Holding Chairman, in the presence of the representatives of both companies.
Mr. Ihab Saeed added that cooperation with AlHaddab Holding Company comes as a result of being one of the leading companies in the real estate investment and development field, as it has strong experience and wide relationships that enable it to facilitate all procedures inside the Kingdom, which achieves integration between the advantages of Wall Street Group and AlHaddab Holding.
Mr. Ihab Saeed, Wall Street Group Chairman said that ”Choosing Saudi Arabia to open the company’s branch in it came according to studying the Saudi market as one of the promising markets that support the company’s expansion plan, and it is a huge market which is witnessing a strong construction boom, as well, besides it is characterized by having a strong purchasing power.”
The Group will transfer its expertise in marketing real estate and introducing innovative ideas that have proven successful in the Egyptian market over many decades, with the addition of new unconventional ideas to work in the Saudi market and achieve the company’s sales target, as the company is marketing Egyptian projects in Saudi Arabia, besides marketing Saudi projects to Saudi clients, assuring that there are standards upon which projects will be selected to be marketed in Saudi Arabia.
The Saudi projects may be marketed in the Egyptian market for clients who have the desire to own real estate in them, in coordination with the Saudi partner, and the company also plans to open other branches outside Egypt after its branch in Saudi Arabia, among its ambitious expansion plan to open more than one branch outside Egypt, noting that the company’s branch in Saudi Arabia is the first step towards other branches in different countries.