Egyptian-Saudi Partnership Launches Prax Developments with First New Obour Project
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A new Egyptian-Saudi real estate venture, Prax Developments, has announced its entry into the Egyptian market with a first residential or mixed-use project planned for New Obour.
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 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, and Rasha Hosny, who will lead the sales division, are also involved.