By: Heba El-Kordi

Cairo – Mubasher: The chairman of Al Ahly for Real Estate Development on Thursday denied that his company suspended its signed housing agreements with the Saudi government.

Hussein Sabbour told Mubasher in a phone interview that there was “a delay in executing projects in Saudi Arabia” as his company was focusing its efforts on local projects.

Al Ahly for Real Estate Development and other property firms have not suspended their work with the Saudi housing ministry, the top official added in his statement to Mubasher.

The company is undergoing significant pressures to implement projects at the present time, Sabbour revealed.

It is not expected that Al Ahly for Real Estate Development will commence work on its projects in Saudi Arabia before a year from now, the chairman added.

Earlier on Thursday, news agency Reuters reported that several real estate companies, including Al Ahly for Real Estate Development, were suspending their agreement with the Saudi housing ministry over political tensions.

In April of last year, four property firms reportedly signed memorandums of understanding (MoUs) with the Saudi housing ministry during King Salman's visit to Cairo. The emergence of political tensions between the two countries resulted in the suspension of such agreements.

The Egyptian real estate companies were Al Ahly for Real Estate Development, Talaat Mostafa Group (TMG), Misr Italia, and Orbit Group, all of whom had signed deals to build housing units in Saudi Arabia.

Translated by: Nada Adel Sobhi