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00:00 I am very happy to be here at the Saudi-Egyptian conference.
00:04 The title of the conference was very beautiful, "integration".
00:09 The real estate sector always integrates with each other, and this is one of its advantages.
00:14 Today we see a real estate boom in Saudi Arabia and the Republic of Egypt.
00:20 Today there are new cities being built in both countries.
00:26 Today there are good real estate opportunities for investors, both Saudi and Egyptian.
00:30 Specifically, today I am talking about the Ministry of Municipal Development, Cities and Housing.
00:35 We have ambitious plans to start more projects,
00:39 to reach 300,000 residents by the end of 2025.
00:43 Hopefully the numbers will double by 2025.
00:47 This is based on economic directions and ownership rates, which is required in the Kingdom's vision 2030.
00:53 Today, I am announcing at the Cityscape exhibition in September,
00:57 an agreement between the national real estate company and one of the largest companies in the Middle East,
01:03 not only in Egypt, but also in the company of Mustafa Group,
01:07 which is developing 10 million square meters in Riyadh.
01:11 We believe that this is one of the types of projects that will be integrated between the Saudi and Egyptian forms.
01:19 We also noticed a great interest in the past from Egyptian companies and real estate developers
01:24 to participate in this movement that will provide these housing units.
01:28 The special thing is that there is a kind of integration and partnership with Saudi companies.
01:35 Most of the Egyptian developers have a Saudi alliance.
01:40 They established companies and invested in Saudi Arabia,
01:44 so that there is a special and systematic work.
01:48 Hopefully, the Egyptian developers will be part of the movement.
01:52 The projects in the housing unit exceed 200 billion Riyals as a total value between the infrastructure,
01:59 the upper building, services and so on.
02:02 I welcome any investor to be part of this successful journey.
02:08 Tell us about the opportunities that you prefer for Saudi investors to enter,
02:15 or what opportunities you have for them in this area.
02:18 As I mentioned, there are various fields in the Saudi real estate and housing sector.
02:24 In the beginning, I think that the special thing in Saudi Arabia that was created in the past four years
02:31 is the movement and the integrated ecosystem.
02:35 Today, opportunities do not mean building houses,
02:38 but we build integrated communities and neighborhoods.
02:43 For example, the city of Khuzam or Fursan in Riyadh has a square area of 50 million square meters,
02:49 and the population is about half a million.
02:52 So, it is a complete service, not just housing,
02:56 but also good infrastructure, complete services,
03:00 landscapes, green areas, hotels, commercial, entertainment, parks.
03:10 All these things are what we work on, and all investors work on them.
03:15 We decided in the Ministry of Housing and Housing Exchange in the past
03:18 that we will invest in the private sector,
03:21 so we welcome our Egyptian developers and investors from all over the world.
03:26 I hope that they will be part of this movement, and I am proud of them.
03:29 Thank you.