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Rayz Developments, the newly established real estate arm of Egyptian contractor Al-Shams Contracting & Engineering Works, officially entered the market with the launch of its flagship mixed-use project, BRX, in East Cairo.
Located on the Mohamed Naguib Axis, the development is expected to generate revenues of approximately 8 billion Egyptian pounds ($152 million), the private developer said in a press statement.
BRX is designed as a mixed-use business ecosystem targeting SMEs, entrepreneurs and international investors. The development will have a Built-up Area (BUA) of approximately 36,483 square metres (sqm) and includes nine mixed-use buildings, around 398 commercial and administrative units, flexible offices and workspaces and parking for approximately 800 vehicles, the statement said.
Rayz Developments has signed a strategic partnership with telecom giant e& Egypt for deploying Triple Play digital infrastructure services including fibre-optic internet, landline connectivity and IPTV services in BRX.
Shams El-Din Youssef, Chairman of Rayz Developments, said BRX marks the beginning of the company’s broader expansion plans noting that the parent contractor previously delivered projects including SODIC Villette, Platinum Club and Zoya.
Mohamed Moqbel, Head of the Commercial Sector, said BRX RX is the first in a portfolio of developments planned across a land bank exceeding 120,000 sqm.
“By combining the engineering backbone of Al-Shams with modern smart-city technology, Rayz Developments aims to redefine the standards of mixed-use real estate in Egypt,” he said.
He added that the company will expand into residential and industrial developments in coming years.
(1 US Dollar = 52.72 Egyptian Pounds)
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
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