Prax Developments has announced its entry into the Egyptian real estate market through an Egyptian-Saudi partnership, with plans to launch its first project in New Obour.
The company is headed by Mohamed El-Refaie and was established through a partnership between Prax and Saudi-based Asas Taba Real Estate Development, chaired by Osama Elmy.
The partnership brings together expertise in real estate development, asset management, marketing, sales and commercial advisory services as the newly established company prepares to begin operations in Egypt.
Prax has selected New Obour for its first development, choosing a site at the entrance to the growing urban area. The company said the project will draw on the experience of its development and management teams across various stages of planning, execution and commercial operations.
The project team includes Islam Khamis, CEO of Axes for Development and Real Estate Asset Management, and Mina Hakim, Board Advisor for Commercial Affairs.
Shady Gaber, Chairperson of Shad Management for Marketing Consultancy and Management, is also involved in the project, while Rasha Hosny will lead the company’s sales division.
The company said the team structure is designed to integrate expertise across development, asset management, marketing, sales and commercial consultancy.
Prax is scheduled to unveil further details about its first project during an event planned for September 15. The company is expected to announce the project’s main components and development plans as part of its official market launch.
Prax’s entry comes as Egypt’s real estate sector continues to attract new developers and investment partnerships, particularly in expanding urban communities and new cities.
The Egyptian-Saudi partnership marks the company’s first step in the local market, with New Obour selected as the starting point for its planned operations. Further details regarding the project’s investment value, size and timeline are expected to be announced at the launch event.
