Ashraf AboArafe
Today in Cairo, the Egyptian government, represented by the Arab Organization for Industrialization, signed a memorandum of understanding with a Saudi-Egyptian alliance, represented by the companies (Alubco Olayan Industrial, Okta International, and the Egyptian City Edge), regarding the logistical supply of real estate development projects in the Kingdom that the alliance will implement.
The signing of the memorandum of understanding was attended by the Ambassador of the Custodian of the Two Holy Mosques to the Arab Republic of Egypt, Osama bin Ahmed Noqli, the head of the Arab Organization for Industrialization in Egypt, Major General Engineer Mukhtar Abdel Latif, and the commercial attaché at the embassy, Anwar bin Ayed bin Hasousah.
The memorandum of understanding was signed by the Director General of the Arab Organization for Industrialization, Major General Abdul Rahman Abdul Azim, while the Chairman of the Board of Directors of the Saudi Aluminum Products Industries Company “Alubco Olayan Industrial” signed, Dr. Abdul Latif Al-Mubarak, and the CEO and Managing Director of “Okta International” and the Dunes Investment Group. Khaled Maatouq, and Mohamed El-Dahan, CEO of the Egyptian “City Edge” company.
In his speech after signing the memorandum of understanding, Ambassador Noqli affirmed the Kingdom’s welcome and support for everything that supports existing cooperation between the two countries, opening investment horizons for Egyptian companies, and exchanging experiences and integration between the two sides, for the benefit of the two brotherly peoples.
For his part, the head of the Arab Organization for Industrialization in Egypt expressed his appreciation for this cooperation with the Saudi-Egyptian alliance, stressing the keenness to strengthen it in many investment projects that support the consolidation of cooperation between the two countries and the creation of job opportunities and major investments, noting in this regard that the Kingdom is one of the The Arab countries that established the Authority in 1975.
He explained that the memorandum aims to participate in the logistical supply of real estate development projects in the Kingdom, which the alliance will implement in the Kingdom, amounting to the equivalent of one billion US dollars in the coming period.
