Nagy Group for Investment and Development has recently launched its latest project, Rawaq Downtown, located in the heart of Khedivial Cairo and the Abdel Aziz Street area, Invest-Gate reports.

Mohamed Shaheen, the CEO of Nagy Group for Investment and Development, highlighted that the project is situated in one of Egypt’s most important and oldest markets, renowned for trade and import of electrical tools and appliances within Egypt and the wider Middle East region.

Rawaq Downtown is a commercial and administrative building that spans two basements, land, and five recurring floors. It is positioned directly in front of the historic Omar Effendi Building at the intersection with Roushdy Street in central Cairo.

Shaheen emphasized that the project, with investments totaling EGP 500 mn, was meticulously designed to reflect the architectural character of the region’s rich history. The aim is to bring together the best and largest importers of electrical appliances and tools in one central location. The building has been designed with modern technology in mind, considering the scarcity of land in the area.

Nagy Group for Investment and Development has signed an exclusive marketing contract for the project with Aqar Guide Real Estate.

Khaled Ismail, the director of the commercial sector at Aqar Guide Real Estate, stated that the sales target for the first phase of the project is approximately EGP 328 mn.

Ismail further mentioned that the project is divided into eight sales phases, with a total initial sales target of EGP 1.3 bn. The project is set to become the largest gathering of companies specializing in the field of electrical tools, with its unique and highly desirable location being one of its key features in the region.