Wall Street Group signs a memorandum of understanding with AlHaddab Holding to open its first abroad branch in Saudi Arabia
Wall Street Group, signed a memorandum of understanding with the Saudi AlHaddab Holding Company, to open its first abroad branch in the Kingdom of Saudi Arabia, with sales targets of one billion Saudi riyals during the first year.
The agreement was signed by Ihab Saeed, Wall Street Group Chairman, and Sultan Al Othaimeen, AlHaddab Holding Chairman, in the presence of the representatives of both companies.
For his part, 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.
He added that cooperation with AlHaddab Holding Company comes as a result of being one of the leading companies in real estate investment and development field, as it has strong experience and wide relationships that enables it to facilitate all procedures inside the Kingdom of Saudi Arabia, which achieves integration between the advantages of Wall Street Group and AlHaddab Holding.
He noted that Wall Street Group aims to achieve contractual sales worth one billion Saudi riyals during the first year of the opening of the branch, based on the size of the huge projects in the Kingdom of Saudi Arabia, as well as the cumulative experience owned by Wall Street Company as one of the major leading companies in the field of real estate marketing in the Egyptian market.
He pointed that his company will transfer its expertise in marketing real estate and introducing innovative ideas that have proven success 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.
He referred that these standards include the developer’s precedent work and experiences in the market, project specifications and quality that are taken into account in implementation and finishing, in addition to the strong financial solvency of the developer, and the existence of investing future for the project through which a high return is guaranteed for the client investing in the unit.
Moussa Youssef, Wall Street Group CEO, said that the company will market nearly 100 diverse projects in Egypt and Saudi Arabia with various activities (residential-commercial-administrative-medical-hotel-tourism), and the company plans to increase the projects portfolio it markets, as it plans to increase this number of projects, especially in the presence of the increasing investment opportunities available to developers.
He pointed that Saudi projects may be marketed in the Egyptian market for clients 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.
He revealed the company’s plan to hold a number of real estate exhibitions in the Kingdom of Saudi Arabia and Gulf countries, in order to reach a larger number of clients and expand in offering projects with innovative marketing mechanisms that enable the client to know the details of the project that will invest or live in.
He assured that the Egyptian real estate market is a promising market and is characterized by the presence of real and strong demand, besides witnessing a diverse construction boom that provides strong and multiple investment opportunities for all local and foreign developers, as real estate remains a safe haven for investment, regardless of the volume of competition with other saving vessels, as the return on investment in the real estate reaches to 100%.
Sultan AlOthaimeen, AlHaddab Holding Chairman, confirmed that cooperation with Wall Street Group comes due to the strong experience that the company enjoys, and its precedent work in achieving strong sales to its clients from real estate companies, in addition to providing various services to clients and providing marketing and real estate consulting services that enables them to take the right purchasing decision for them.
He explained that the Saudi market is witnessing a strong and diversified project volume that requires dealing with it professionally and delivering the appropriate product to the appropriate client which is the role that Wall Street Group will offer, as there are multiple forms of cooperation between both parties that will appear during the joint work period.