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Saudi group Mowafaq plans to start constructing its 850-million Egyptian pound ($54 million) Radix Agile mixed-use project in the New Administrative Capital (NAC) in the third quarter, a top company official said.
Ahmed Zaghloul, CEO of Mowafaq's subsidiary Radix Development, which is developing the project, told Zawya Projects that Radix Agile would feature 580 residential and commercial units.
"Construction will start by the third quarter after governmental approvals. We will complete the project by 2024," he said, adding that the commercial component will include offices, clinics, and retail spaces.
He said the project would be developed on a 7,500-square-metre plot of land in NAC's Downtown area.
Deputy CEO Akram Al-Sheikh said Salmaniya Real Estate Development, another subsidiary of Mowafaq, would build the project. He said the developer had set a target of 1.5 billion pounds ($96 million) of sales revenues, with foreigners and Egyptian expatriates accounting for 25 percent of the sales.
Salman bin Khalil Al-Sabaan, Vice Chairman of Mowafaq and Chairman of Radix Development, told Zawya Projects that the company chose the NAC because of the master plan's enormous investment potential and strong governmental support.
Abdullah bin Khalil Al-Sabaan, a member of the Board of Directors of Mowafaq and Vice-Chairman of Radix Development, said Radix would focus on the best technologies for its real estate projects in Egypt.
Zaghloul added that the developer had framed a five-year investment plan for real estate projects in Egypt, especially in the NAC and New Alamein City.
(1 US Dollar = 15.68 Egyptian Pounds)
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
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