Egyptian-Saudi Partnership Launches Prax Developments in Obour

Prax Developments enters Egypt through a partnership between Prax and Saudi-based Asas Taba Real Estate Development, selecting New Obour for its first project and planning to reveal details on September 15.

Prax Developments enters the Egyptian real estate market through a new Egyptian-Saudi partnership, with the company selecting New Obour for its first development. The venture brings together expertise in real estate development, asset management, marketing, sales and commercial advisory services as it begins operations in Egypt.

The newly established company is headed by Mohamed El-Refaie and is formed through a partnership between Prax and Saudi-based Asas Taba Real Estate Development, chaired by Osama Elmy. The collaboration combines the partners’ capabilities across different stages of the property development cycle, from planning and execution to sales, marketing and commercial management.

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For its debut project, Prax chooses a strategically positioned site at the entrance of New Obour, an expanding urban community in eastern Cairo. The company says the location reflects its focus on emerging growth areas and provides an appropriate platform for establishing its presence in Egypt’s competitive real estate market.

Prax is assembling a multidisciplinary team to support the project and its broader market strategy. Islam Khamis, CEO of Axes for Development and Real Estate Asset Management, and Mina Hakim, Board Advisor for Commercial Affairs, are part of the project team. Shady Gaber, Chairperson of Shad Management for Marketing Consultancy and Management, also contributes to the initiative, while Rasha Hosny leads the company’s sales division.

The management structure is designed to integrate expertise across development, asset management, commercial consultancy, marketing and sales. Prax expects this coordinated approach to support the project throughout its planning, execution and commercial phases while establishing a foundation for its future activities in Egypt.

The company is scheduled to unveil further details about its first project on September 15. The upcoming event is expected to disclose the development’s main components, investment plans and other details related to its execution. The company has not yet announced the project’s investment value, development area or expected completion timeline.

Prax’s market entry comes as Egypt continues to attract new real estate developers and international investment partnerships, particularly in emerging urban communities and new cities. New Obour is among the areas receiving increasing development attention as infrastructure expansion and population growth create opportunities for residential and mixed-use projects.

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The Egyptian-Saudi partnership also reflects the broader strengthening of commercial and investment ties between the two countries. By combining Egyptian market expertise with Saudi development and investment capabilities, the new venture aims to establish a scalable platform for real estate activities in Egypt.

With New Obour selected as its starting point, Prax Developments is positioning itself for participation in Egypt’s expanding property market. The September launch is expected to provide greater clarity on the company’s first project and its longer-term development strategy.