Radix Development, affiliated to Mowafak Holding Group, is preparing to launch its first project, RADIX AGILE, in Egypt’s New Administrative Capital (NAC).
The project is set to see investments of EGP 850m within the company’s expansion plan in the Egyptian market.
International Engineering Consultancy Company (IEC) is the engineering designer for the project, and is studying several investment opportunities available in the Egyptian real estate market.
In a press conference on Sunday, Salman bin Khalil Al-Sabaan, Vice Chairperson of Mowafak Holding Group and Chairperson of Radix Development, said the company has decided to invest in the Egyptian real estate sector thanks to the strong investment climate in the country.
Al-Sabaan added that the group aims to expand its portfolio of new projects during the coming period. As part of this, it has chosen to start its business in the NAC because of the enormous investment potential of this project.
He added that there are a large number of investment opportunities available in Egypt in light of the launch of huge real estate projects currently ongoing. This includes major national projects such as the NAC and New Alamein. As a result, the company seeks to be present in the Egyptian market in a strong way during the coming period.
Moreover, Abdullah bin Khalil Al-Sabaan, Vice Chairperson of Mowafak Holding Group, said the company will focus on using technology in its real estate projects in Egypt. This will take place through the help of companies specialised in that sector.
He pointed out that the Egyptian real estate market can absorb more of the real estate projects that the company seeks to develop in this market.
Al-Saaban explained that the company focuses on launching a different real estate project in terms of product, construction mechanisms, and modern systems.
Ahmed Zaghloul, CEO of Radix Development, said that the company obtained a plot of land in the Downtown area of the NAC, with an area of 7,500 sqm dedicated to administrative, commercial, medical, and hotel activities.
Zaghloul noted that the company has developed an investment plan commensurate with its strategy in the real estate market during the next five years. He revealed that the company is studying investment opportunities in New Alamein.
Meanwhile, Akram Al-Sheikh, Deputy CEO of the company, said that the licensing and government approvals for the Radix Agile project are being finalised.
Al-Sheikh added that the company aims to achieve contractual sales of the project worth EGP 1.5bn during the phases of offering the project for sale and to provide competitive advantages to the target customers. It has finished preparing the pricing for the project units, which include administrative, medical, and commercial activities in various areas.