Radix Developments, an affiliate of the Saudi Holding Group Mowafak, prepares the launch of its first project, Radix Agile, in New Administrative Capital (NAC) with investments of EGP 850mn, Invest-Gate reports.

According to the company’s official statement on February 28, Vice Chairman of Mowafak Holding Group and Chairman of the Board of Director of Radix Development Salman bin Khalil Al-Sabban says that the Egyptian market is Saudi Arabia’s first gateway in real estate investments, stating that “we seek to develop a package of new projects during the coming period.” Furthermore, the company has chosen to start from NAC due to the immense investment potential of the project, he adds.

CEO of Radix Development Ahmad Zaghloul indicates that the company obtains a plot of land in the Downtown area of NAC, with an area of 7,500 sqm, dedicated to administrative, commercial, medical, and hotel activities.

Member of Board of Directors and Vice-Chairman at Saudi Mowafak Holding Group Abdullah bin Khalil Al-Sabaan states that the company will focus on the use of technology in their real estate projects in Egypt. This will be developed upon assessments of companies specialized in the sector.

Additionally, Akram Al-Sheikh, deputy CEO of the company, states that the licensing and government authorizations for the Radix Agile project is being finalized.

He notes that project units, involving administrative, medical, and commercial activities in various areas, is being established. Al-Sheikh adds that the company aims to achieve contractual sales of the project worth EGP 1.5bn, while presenting the project for sale, and to provide competitive advantages to target groups and customers.

International Engineering Consultancy Company (IEC) manages the projects engineering and is studying numerous investment prospects available at the Egyptian real estate market.