Cairo - Mubasher: Madinet Masr Housing and Development has formed a 50/50 joint venture (JV) with Waheej Real Estate to develop sustainable, modern urban communities in Riyadh.
The JV, named Citydom, will explore land acquisition within the Al-Janadriyah masterplan for a new integrated residential project, according to a press release.
The partnership combines Waheej’s local market expertise with Madinet Masr’s long experience in developing integrated urban communities.
Citydom will focus on creating a holistic lifestyle that blends comfort, identity, and community, while redefining the experience of place. It also aims to introduce innovative urban solutions aligned with Saudi culture and environment.
Abdallah Sallam, President and CEO of Madinet Masr, said: “The launch of Citydom marks a strategic milestone in our regional expansion plan and a strong beginning for our presence in the Kingdom.”
For his part, Rachid Saud Al Jadoua, CEO of Waheej, stated: “Through this partnership, we are committed to empowering the real estate sector, driving innovation, and supporting Vision 2030 objectives in housing and sustainable community development, delivering added value for investors and residents alike.”
In August, the group’s Secure Assets for Fixed Earnings (SAFE) unveiled plans to establish a real estate investment fund in Saudi Arabia, with a target capital of EGP 300 million.
The company recently disclosed its financial results for the nine-month period that ended on 30 September 2025, generating consolidated net profits after tax and non-controlling interest valued at EGP 2.35 billion.
