By Hamed Mahmoud
Radix development, a subsidiary of the Saudi Holding Group “Mowafaq”, is preparing to launch its first project, Radix Agile, in the New Administrative Capital (NAC), with investments of LE850 million within the company’s expansion plan in the Egyptian market.
(IEC) is the Engineering designer for the project. The company is studying several investment opportunities available in the Egyptian real estate market.
Salman bin Khalil Al-Sabaan, Vice Chairman of the Saudi “Mowafaq Holding” Group and Chairman of the Board of Directors of “Radix development”, said that the company has invested in the Egyptian real estate sector through “Radix development” due to the strong investment climate in Egypt.
He also explained that the group, through its real estate development arm in the Egyptian market, aims to expand its portfolio of new projects during the coming period and that it has chosen to start from the New Administrative Capital because of the enormous investment potential of this project, in addition to the government interest in this mega project and the provision of all mechanisms for the success of this project.
For his part, businessman Abdullah bin Khalil Al-Sabaan, member of the Board of Directors of the Saudi Mowafaq Holding Group and Vice-Chairman of the Board of Directors, said that the company will focus on using technology in its real estate projects in Egypt through the help of companies specialised in that sector, pointing out that the Egyptian real estate market absorbs more distinguished real estate projects that the company seeks to develop in this market.
The Vice-Chairman of the Board of Directors also 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 Down Town area in the New Administrative Capital with an area of 7,500 square metres dedicated to administrative, commercial, medical, and hotel activities. this project is a part of the company’s expansion plan in Egypt.
Zaghloul also explained that the company has developed an investment plan commensurate with its strategy in the real estate market during the next 5 years and aims to expand with a package of new projects, especially in the New Administrative Capital, in addition to studying investment opportunities in the new Alamein.
In the same context, Akram Al-Sheikh, Deputy CEO of the company, said that the licensing and government approvals for the “Radix Agile” project are being finalised in the Downtown area of the New Administrative Capital.
Al-Sheikh also explained that “Radix development” has contracted with the “IEC” office, the leading engineering office and expert house specialised in administrative, commercial, and medical projects to develop engineering designs and consulting studies for the project.
Al-Sheikh added that the company aims to achieve contractual sales of the project worth 1.5 billion pounds during the phases of offering the project for sale and to provide competitive advantages to the target customers and has finished preparing the pricing for the project units, which include administrative, medical and commercial activities in various areas.
The Executive Vice President also pointed out that the competition in the New Administrative Capital prompted the company to choose a different real estate product through which the company seeks to present a project that would be a strong addition to the Egyptian real estate market, in addition to marketing the project abroad, especially to foreigners and Egyptians working abroad, which aims to achieve 25% of the total project sales abroad.
