CAIRO, Oct 20, 2009
Egyptian property developer Talaat Moustafa is seeking bids for building work on a residential and commercial project in Saudi Arabia, the company's chief financial officer said on Tuesday.
"The construction process will begin next year ... with a total investments value ranging between 6 billion and 7.5 billion Saudi riyals ($1.6 billion and $2 billion)," Jihad al-Sawaftah, who is also the firm's vice president, said.
"The project is expected to generate revenues of 8 billion to 10 billion Saudi riyals," he told Reuters. He did not give a deadline to receive bids to carry out the work in the capital Riyadh.
The firm, Egypt's largest real estate developer by market value, owns 50 percent of the project. Two Saudi real estate companies own the remaining share.
The project, Talaat Moustafa's first outside Egypt, spreads over 4 million sq metres and is to be completed within six years, Sawaftah said.
"Demand for real estate units outstrips supply in Saudi Arabia ... and higher income levels have (encouraged) us to venture into the country," he said.
Saudi Arabia is the world's biggest oil exporter and the largest Arab economy.