Egypt’s ElRaay Developments announced launch of its latest residential project, River Park, in Obour City with total investments estimated at around 3 billion Egyptian pounds ($58 million).

The project is being developed through a partnership with Kuwait’s Al-Muwani Kuwaitiyah.

Mohamed El-Taweel, Chairman of Al-Muwani Kuwaitiyah told Zawya Projects that the company owns the project land, while ElRaay Developments is responsible for project development.

Mina Gameel, Chairman of ElRaay Developments said the developer has already secured ministerial approvals and excavation permits for the approximately 11-acre project.

He added that the first phase is scheduled for delivery within two years, while the entire project is expected to be completed within four years.

The River Park project introduces a modern residential concept incorporating lagoons, children’s play areas, Electric Vehicle charging stations and fitness wellness facilities. The development will also include a commercial component comprising medical, retail and administrative units.

ElRaay Developments has appointed Signature as sales and marketing consultant for the project while MRB will provide facility management services.

(1 US dollar = 51.72 Egyptian pounds)

(Reporting by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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