Dubai – Masaader News
RADIX DEVELOPMENT, a subsidiary of the Saudi Holding Group ” Mowafaq”, is preparing to launch its first project, RADIX AGILE, in the New Administrative Capital, with investments of EGP 850 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.
The chairman of the group added that there are a large number of investment opportunities available in Egypt in light of the launch of huge real estate projects currently, whether in the new administrative capital or the new Alamein, so the company seeks to be present in the Egyptian market in a strong way during the coming period.
For his part, businessman Abdullah bin Khalil Al-Sabaan, member of the Board of Directors of the Saudi Mwafaq 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 specialized in that sector, pointing out that the Egyptian real estate market absorbs more The 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, especially that the competition in the New Administrative Capital has many similar projects in the product, but each developer will differ in the quality and method of developing the project to offer a different real estate product.
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 meters 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.
The CEO added that the company’s orientation to the new administrative capital, believing in the strength of this national project, which is expected to attract more Gulf investments and pump more foreign capital in addition to the volume of construction and projects implemented by the state, to reflect the seriousness of the Egyptian government in the success of this huge project, pointing out that the real estate market It has become one of the leading markets in the region and has competitive advantages not found in the rest of the surrounding countries.
Zaghloul continued that the Saudi “Mowafaq Holding” group, which has invested in the Kingdom of Saudi Arabia since 1965 AD in various investment sectors, including the construction sector, with investments of 6 billion riyals during the last 4 years, decided to enter the Egyptian real estate market during 2018 with a portfolio of projects amounting to 450 million pounds as a start. To explore the volume of demand in the Egyptian market.
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 finalized 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 specialized 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.
Al-sheikh continued that the company plans to start implementing the project during the current year, especially as it has strong financial solvency that helps it start construction works through the contracting sector arm (Salmaniya Real Estate Development), one of the group companies in Egypt.
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.