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The development is carried out under the name Flare Plaza in the heart of Sheikh Zayed in Egypt
Cairo – Garnet Developments has entered into a strategic partnership with Raya Smart Buildings to launch a mixed-use commercial project at a total investment of EGP 2 billion.
The development is carried out under the name Flare Plaza in the heart of Sheikh Zayed in Egypt, according to a press release.
The project is scheduled for completion within two years, comprising offices and retail spaces, as well as food and beverage (F&B) outlets.
The project aims to attract both investors and visitors, reinforcing the expected expansion of the commercial real estate sector in Egypt. A Mordor Intelligence report predicts a compound annual growth rate (CAGR) of 10.20% over five years, while the market size would reach $15.30 billion by the end of 2029.
Managing Director of Garnet Developments, Mohamed Ayesh, said: “We diligently developed this project in one of the most dynamic areas, demonstrating our dedication to exceptional customer experiences that align with their aspirations and ambitions."
Ayesh 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.”
CEO of Raya Smart Buildings, Ahmed Ibrahim, said: “This project embodies our vision of creating innovative spaces that meet the evolving needs of our customers.” |
