Mountain View enters Saudi Arabia with SAR 1.2B project

Wael Ezz, CEO of Mountain View

Egypt-based property developer Mountain View made a foray into the Saudi market with an investment project, which includes the construction of 500 housing units, with an investment of nearly SAR 1.2 billion, CEO Wael Ezz told Argaam.

The expansion is part of the company’s strategy to apply its extensive experience in Egypt to Saudi Arabia. The company the aims to improve the quality of life and support the well-being of Saudi nationals, Ezz said on the sideline of Cityscape Global in Riyadh.

He added that Mountain View is a pioneer in the Egyptian real estate market for more than 20 years, and has developed about 20 diverse projects and contributed to the establishment of residential communities that are currently home to more than 60,000 families.

The company generated annual revenues of about SAR 5 billion in Egypt last year, and expects to double it this year, the CEO said, indicating that the value of the company's projects is estimated between SAR 40 billion and SAR 50 billion.

Ezz also highlighted the importance of strategic partnerships with Saudi investors, to exchange knowledge and enhance cooperation, especially with the increasing demand and the diverse needs of Saudi families.

He stressed that Mountain View aims to expand the scope of its projects in the Kingdom to include residential units of various sizes and designs, to meet the different needs of customers in multiple regions, thus backing its ambitious strategy to become one of the largest real estate developers in the Saudi market.

The company's foray into the Kingdom comes in line with Vision 2030, launched by Crown Prince Mohammed bin Salman, which provides promising investment opportunities thanks to the focus on promoting housing for citizens, in addition to improving the quality of life, the CEO stated.

He pointed out that Saudi Arabia is one of the main markets in the region, thanks to its clear growth and the existence of a well-regulated investment system, which makes it an ideal environment for any investor wishing to participate in the Kingdom’s urban renaissance.

The property developer seeks to introduce the concept of “the science of happiness” in its projects, which focuses on the well-being of living and achieving a better quality of life. This is the company’s first project in Saudi Arabia, and also represents a first step in its expansion plan in the Kingdom, which includes developing future projects in several different regions, meeting the diverse needs of the Saudi society for renovation and development, Ezz said.