Garnet Developments, a leading provider of premium real estate projects, has signed a cooperation agreement with Raya Smart Buildings to launch its new project, “Flare Plaza”, Invest-Gate reports.

This mixed-use commercial project is located in the heart of Sheikh Zayed City, with a total investment of EGP 2 bn.

The project is scheduled for completion within two years. “Flare Plaza” combines modern architectural design with global quality standards and adheres to sustainability principles, utilizing the latest technologies to create a unique mixed-use commercial development. It will offer a blend of offices, retail spaces, and food and beverage outlets, attracting both investors and visitors.

The implementation of this project aligns with the anticipated expansion of the commercial real estate market in Egypt. A report by Mordor Intelligence forecasts a compound annual growth rate (CAGR) of 10.2% over the next five years, with the market size expected to reach $15.3 bn by the end of 2029.

On this occasion, Mohamed Ayesh, Managing Director of Garnet Developments, expressed his enthusiasm for the partnership, stating: “From the very beginning, our focus has been on creating an innovative, high-quality project that meets the evolving needs of our customers. We have diligently developed this project in one of the most dynamic areas, demonstrating our dedication to providing exceptional customer experiences that align with their aspirations and ambitions.”

He added, “By partnering with Raya Smart Buildings, we are reinforcing our position as a leading real estate developer and opening new doors for future success. This partnership marks a significant milestone in our journey to solidify our position in the real estate market, and we believe this strategic alliance will yield fruitful results for both parties.”

In the same context, Ahmed Ibrahim, CEO of Raya Smart Buildings, expressed his delight at the cooperation, stating: “We are proud to partner with Garnet Developments on the ‘Flare Plaza’ project. With over 15 years of experience in developing and managing mixed-use projects, we are dedicated to delivering a project that reflects our commitment to excellence and achieves market leadership. This project embodies our vision of creating innovative spaces that meet the evolving needs of our customers.”