• Ayesh: 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.
  • Ibrahim: This partnership is a significant step in providing diverse solutions and reaffirms our commitment to excellence in delivering multi-use projects.
  • Projected Compound Annual Growth Rate (CAGR) for Egypt's commercial real estate market of 10.2% over five years

Cairo– Garnet Developments, a leading provider of premium real estate projects, has signed a cooperation agreement with Raya Smart Buildings to launch its new project "Flare Plaza". The new mixed-use commercial project is located in the heart of Sheikh Zayed City, with a total investment of EGP 2 billion.

The project is scheduled for completion within two years. "Flare Plaza" combines modern architectural design with global quality standards. Moreover, it adheres to sustainability principles, utilizing the latest technologies to create a unique mixed-use commercial development. It offers a blend of offices, retail spaces, and F&B outlets, attracting investors and visitors alike.

The implementation of this project aligns with the expected expansion of the commercial real estate market in Egypt. A report by Mordor Intelligence forecasts a compound annual growth rate (CAGR) of 10.2% over five years, with the market size reaching US$15.3 billion by the end of 2029.

On this occasion, Mohamed Ayesh, Managing Director of Garnet Developments Company, expressed his enthusiasm for this partnership, saying: " From the very beginning, our focus has been on creating an innovative, high-quality project that meets the evolving needs of our customers. 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." He 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. This partnership marks a significant milestone in our journey to solidify our position in the real estate market, and we believe that this strategic alliance will yield fruitful results for both parties."

In the same context, Ahmed Ibrahim, CEO of Raya Smart Buildings, expressed his delight at this cooperation, stating: “We are proud to partner with Garnet Developments on the 'Flare Plaza' project. With over 15 years of experience in developing and managing mixed-use projects, we are dedicated to delivering a project that reflects our commitment to excellence and achieves market leadership. This project embodies our vision of creating innovative spaces that meet the evolving needs of our customers.”

Flare Plaza is a testament to Garnet Developments’ 30-year commitment to delivering premium projects that prioritize innovation and customer satisfaction. This project underscores the company's dedication to forging strategic partnerships with leading industry players, with the aim of developing innovative spaces that cater to the evolving needs of our customers. Moreover, it reflects our commitment to sustainability and environmentally friendly designs.

About Garnet Developments

For over 30 years, Garnet Developments has been reshaping the real estate landscape with a passion for creating exceptional and enduring living spaces. This passion has driven the company to become a leading developer, renowned for its commitment to delivering a high quality of life, innovation, and customer satisfaction. From meticulous designs to premium finishes, we create timeless experiences where every aspect of our projects is executed with the utmost care and attention to detail.

About Raya Smart Buildings

Raya Smart Buildings is a leading company in the development and management of mixed-use projects. By merging innovation and sustainability, Raya delivers comprehensive experiences that meet the aspirations of its clients. The company is committed to creating contemporary spaces that blend modern work environments with leisure facilities such as shopping and dining, making it a preferred destination for multinational corporations and customers seeking the highest quality.

Among its most prominent projects is 'Galleria40', an iconic commercial center and building that reflects excellence in providing distinguished office and commercial spaces in strategic locations, supported by global partnerships and marketing expertise. 'Edge Innovation Center' is another notable project, offering a modern workspace equipped with the latest technologies to support startups and growing companies, fostering an interactive work environment that encourages innovation and collaboration.