Miskan signs MOU with Wadi Degla Developments to introduce new concept in residential community development in Saudi

eRiyadh, Saudi Arabia – Miskan Real Estat Company has signed a strategic MOU with Wadi Degla Developments during the region’s leading real estate event, Cityscape Global 2024, to increase investments in the Kingdom of Saudi Arabia. This agreement aims to enhance ambitious investment plans in local Saudi markets by offering innovative housing solutions that meet the expectations of the Kingdom’s residents. It also reflects Wadi Degla’s commitment to expansion and growth in line with its global strategic plan to boost investment and strengthen its presence in regional markets.

The agreement aims to replicate Wadi Degla’s leading experience in developing residential communities represented in the “gated communities” concept such as the renowned “CLUB TOWN” model, which integrates residential units with sports clubs and recreational facilities. This model leverages the resources of Wadi Degla Holding’s sports clubs without affecting the project area, enhancing efficiency and improving the quality of services provided to all community residents.

This initiative underscores Wadi Degla Developments’ dedication to delivering innovative residential solutions that align with societal expectations and contribute to improving quality of life. By creating safe and comfortable environments for families, the company provides residential units with private entrances connected to the sports club, enhancing the recreational and residential experience. This model also increases parents’ sense of security for their children while offering comprehensive support for all family members.

Talal Hisham Al-Mutlaq, CEO of Miskan Real Estate Company, the real estate development arm of Alfanar Group, commented: “We at Miskan are proud and excited to partner with Wadi Degla Developments, one of the leading companies in developing facilities for residential complexes thanks to its innovation and expertise in meeting customer needs. This collaboration aligns with Saudi Arabia’s ambitious investment plans, which aim to drive economic growth and develop infrastructure to meet rising demand. The partnership also plays into and aligns with Saudi Arabia’s vision 2030.”

“The ‘CLUB TOWN’ project represents a strategic step toward achieving these objectives by providing an integrated residential environment that combines luxury and safety, thereby enhancing the quality of life for residents. We are excited to partner with Wadi Degla Developments to achieve our shared goals and deliver a unique residential experience to the Saudi community,” added Al-Mutlaq.

Dr. Raymond Ahdy, CEO of Wadi Degla Developments, highlighted the significance of this partnership, describing it as the culmination of extensive research and market analysis in the region. “This cooperation aligns with Wadi Degla’s efforts to expand into international markets, particularly in the Gulf, with a focus on the Saudi market, which is experiencing a significant real estate and construction boom under Saudi Vision 2030. The “CLUB TOWN” project, currently being implemented in Cairo’s Maadi district, will be adapted for various locations in Saudi Arabia. Meanwhile, Wadi Degla Developments is also preparing to replicate this successful model across Egyptian governorates where Wadi Degla Sports Clubs are located.”

Dr. Ahdy further shared that Wadi Degla Developments is currently identifying optimal geographical locations, designing the project, evaluating investment costs, and formulating comprehensive work plans. “The findings of these studies will be announced soon, ensuring the project meets the highest quality standards and effectively addresses customer needs. We look forward to delivering a distinctive residential experience to residents of the Kingdom through this collaboration.”