Egypt’s Holding Company for Roads and Bridges gets contracts in Saudi Arabia for 500 million riyals

Egypt’s Holding Company for Roads and Bridges, affiliated with the Egyptian Ministry of Transport, has obtained jobs worth 500 million Saudi riyals in Saudi Arabia, which constitutes its first activity outside its local market, as two people familiar with the file revealed to Al-Sharq”.

The holding company, which was established sixty years ago, is followed by four companies engaged in the construction of roads and bridges, airports, railways, and construction, according to its website.

“In a few days, the project contracts will be officially signed between the Egyptian company and the Saudi side, with the works to be carried out within 18 months, which is a set of bridges and renovations in the railway network,” a source told Al-Sharq.

“The company is currently developing a plan to determine its expansion in the Saudi market over the next five years,” the source added.

The recent period witnessed the orientation of major real estate development companies with their compass towards the Saudi market to take advantage of the urban boom witnessed by the kingdom, focusing mainly on the cities of “Riyadh, Jeddah, and NEOM” to launch their new projects.

The most prominent Egyptian names that have gone beyond the exploration stage to making alliances—some of them even signed agreements on projects in Saudi Arabia—are Egyptian billionaire Samih Sawiris through his own investments, Talaat Mustafa Group, Mountain View, Sabour, and Tatweer Misr.

The value of real estate and infrastructure projects in Saudi Arabia launched in recent years exceeded 1.25 trillion dollars, according to a report by the real estate consulting company “Knight Frank” earlier this month.