Riyadh – Sharikat Mubasher: Casablanca-based construction giant Travaux Généraux de Construction (TGCC) officially entered the Saudi market by signing a strategic alliance with Naif Alrajhi Investment Group to jointly develop real estate projects in the Kingdom.
This marks TGCC’s first entry into Saudi Arabia, one of the world’s largest and fastest-growing construction markets, as reported by Asharq Business.
Under the agreement, TGCC Middle East, a subsidiary of the Moroccan-listed company, will partner with Naif Alrajhi Investment on projects currently under development across Saudi cities. The partnership will leverage the strengths of both firms to support the Kingdom’s real estate growth in line with Vision 2030.
Naif Alrajhi Investment holds a diversified portfolio with a strong focus on real estate, capital markets, and M&A. The group is also involved in residential and commercial projects and recently signed a hotel partnership with Accor.
TGCC, Morocco’s largest construction firm, operates in six African countries and has delivered around 1,000 projects over three decades. The company reported $56 million in net profit last year, with a project backlog exceeding $1 billion through 2024.
Mohamed Bouzoubaa, TGCC CEO, described the deal as a “major milestone” in the company’s international expansion, adding that TGCC aims to support Saudi Arabia’s ongoing transformation under Vision 2030.
The move comes amid rising foreign interest in Saudi real estate, with Egyptian and Chinese developers also eyeing billion-dollar opportunities as the Kingdom positions itself to become the world’s largest construction market by 2028.
