Radix Development, a leading real estate developer, is targeting EGP 3 billion in sales from its Spinner project in the New Administrative Capital. The project is located in a prime location on the Al Amal Axis in MU23, and will offer a variety of investment units, including medical clinics, shops, and administrative offices.
A Strategic Location in the New Administrative Capital
Ahmed Zaghlol, Founding Partner and CEO of Salamaniya Group of Companies, said that the company has carefully selected a strategic location for the Spinner Mall in the New Administrative Capital. The mall is located close to important roads and vital areas, and will benefit from the advanced urban development technologies used in the New Administrative Capital.
Future Expansions
Zaghlol added that the company has developed an investment plan in line with its strategy in the real estate market over the next 5 years, targeting expansion with a package of new projects, especially in the New Administrative Capital, in addition to studying investment opportunities in other different places.
Project Details
Akram Al Sheikh, Founding Partner and CEO of Radix Development, explained that the Spinner project in the New Administrative Capital has an area of 10,700 square meters. The project consists of a ground floor and 11 recurring floors. The majority of the total area has been allocated to buildings that contain a variety of investment units, including medical clinics, shops, and administrative offices.
Radix Shareholders
Al Sheikh also explained that Radix Development was the first nucleus for the formation of “Salamaniya Group of Companies”, which now includes 9 companies operating in 5 different industrial, commercial and service sectors. The companies’ business strategy has relied on entering first into the feeder industries for the real estate development sector, such as “Agile For Investment” which operates in management, operation and maintenance and provides consulting services under its trademark “Z-Advisor”, in addition to “UCAC” for advanced contracting, which works to achieve the highest quality rates in building fourth-generation cities.
Statements by Salamaniya Group Chairman
Salman bin Khalil Al Sabban, Chairman of Salamaniya Group in Egypt and Vice Chairman of Mawfaq Holding Group in Saudi Arabia, confirmed that the company has directed its investments in the Egyptian real estate sector through “RADIX”, due to the strong investment climate in Egypt. He explained that the group aims to expand its portfolio with new projects during the coming period, and that it has chosen to start from the New Administrative Capital due to the huge investment potentials that this project enjoys, in addition to the government’s interest in this huge project and providing all mechanisms to make this project a success.
