Egyptian tycoon Ahmed Elsewedy's firm wins $2.2bn Saudi deal - Billionaires.Africa

Egyptian tycoon Ahmed Elsewedy's firm has secured a substantial $2.2 billion construction deal in Saudi Arabia, underscoring the Kingdom's aggressive push to develop its infrastructure and diversify its economy under Vision 2030. This significant contract award highlights the immense opportunities available for regional and international contractors within the Saudi market, which is currently one of the most active construction landscapes globally. The deal likely pertains to one of Saudi Arabia's numerous giga-projects or major urban development initiatives, such as NEOM, The Red Sea Project, or Qiddiya, all of which require vast investment in utilities, residential, and commercial infrastructure. For Elsewedy's firm, a prominent regional player, this win solidifies its strategic position in the GCC and demonstrates its capacity to undertake large-scale, complex projects crucial to the Kingdom's transformative agenda. Such contracts are vital for driving economic growth, creating jobs, and fostering technological advancements within the Saudi construction sector.