Riyadh — Egyptian real estate developer Melee has announced plans to invest SAR4.5 billion (approximately $1.2 billion) to establish three new sports clubs in Saudi Arabia, specifically in Riyadh, Jeddah, and Al Khobar. The Al Khobar club is set to be the first completed by the end of this year.
Melee’s chairman and CEO, Gasser Bahgat, revealed that the projects aim to attract 40,000 members and will be funded through a combination of the company’s own resources and investments from Saudi partners. This initiative aligns with Saudi Arabia’s broader strategy to enhance its sports culture and infrastructure as part of its Vision 2030 plan.
The investment follows Melee’s strategic partnership with Saudi developer Adeer International, which aims to foster foreign direct investments and boost the Egyptian economy.
In addition to its Saudi projects, Melee is planning to allocate over $2 billion for new developments in East Cairo and along the Mediterranean Coast within the next two to five years. Egyptian authorities are actively promoting real estate and hospitality developments as a means to counter economic challenges.
