Redminds Developments and Al Warda Group Form a Major Real Estate Alliance with Targeted Investments of EGP 20 Billion by 2026
Redminds Developments Launches an Egyptian–Saudi Real Estate Alliance with Al Warda Group, Unveils First Joint Project “Raq Mall” with EGP 4 Billion Investment
In a move to establish a strong real estate entity based on joint Egyptian–Saudi investments, Redminds Developments announced the signing of a strategic partnership agreement and the formation of a major alliance with Al Warda Global Food Trading Group, represented by Sheikh Ibrahim Al-Otaiq, one of the most prominent businessmen and investors in the Kingdom of Saudi Arabia.
The partnership agreement was officially signed between Eng. Mohamed Yehia, Chairman and CEO of Redminds, and Sheikh Ibrahim Al-Otaiq, the Saudi partner, during a press conference attended by company executives and media representatives.
The partnership aims to launch major real estate projects inside and outside Egypt, setting a long-term vision that goes beyond the execution of a single project—toward building an integrated multinational entity that contributes to urban development and real estate investment across the region.
Eng. Mohamed Yehia, Chairman and CEO of Redminds Developments, affirmed that the company has a bold vision to become a regional real estate entity with a strong footprint in the Gulf and Arab markets, rather than remaining a local developer.
He noted that the company is built on over 20 years of experience in real estate development, having delivered 248 residential and commercial projects in New Cairo.
Since its establishment in 2024, Redminds has launched two mixed-use administrative and commercial projects in the Fifth Settlement with a total investment of EGP 4 billion — T.A.G Square and Actio Mall.
With the new partnership with Saudi Al Warda Group, the company will launch Raq Mall, a new project with EGP 4 billion in investments, located strategically in the heart of New Cairo, near North 90th Street and the Golden Square area, marking the first joint Egyptian–Saudi project.
Yehia explained that the project’s name, “Raq,” is inspired by the concept of elevation and elegance, embodying the company’s philosophy of combining architectural luxury with prime location.
He added: “The project’s slogan, ‘Value that rises, experience that lasts’, reflects our philosophy of offering a real estate product worthy of our clients—both in design and in visitor experience.”
He further stated that the company’s total investments currently amount to EGP 8 billion, with an ambitious plan to reach EGP 20 billion by 2026 through this partnership, alongside plans to expand into the Saudi market and open a new branch in the Kingdom.
Yasser Ibrahim Al-Otaiq, the Saudi partner, said that the partnership with Redminds came after a six-month study, explaining that their entry into the real estate sector stems from a firm belief that this industry represents the future of the region.
He highlighted that the Egyptian market is the oldest and most mature in the Middle East, with strong fundamentals making it both attractive and stable in terms of supply and demand, and now a key destination for smart capital flows in the region.
He added that partnering with Redminds, with its 20+ years of proven experience and strong financial standing, creates an opportunity for joint expansion into the Saudi market and the broader Middle East.
Eng. Hussein Fathy, Board Member and Head of the Engineering Sector, expressed his pride in attending this event that unites Saudi and Egyptian expertise, emphasizing that the partnership represents a comprehensive model of shared vision, knowledge, and capabilities.
He noted that Raq Mall embraces a unique challenge—integrating Arab identity with modern smart technologies—to achieve a balance between authenticity and innovation in both design and operation. The project integrates natural lighting, open-air ventilation corridors, and sun-shaded areas to enhance sustainability.
The mall also provides ample parking spaces and electric vehicle charging stations, with careful attention given to airflow and pedestrian pathways.
All project units enjoy distinctive views, with the commercial units oriented in one direction and the administrative spaces in the opposite, ensuring that every unit benefits from an optimal façade and view.
Dr. Mohamed El-Dweiny, Head of the Commercial Sector, stated that the company’s Board of Directors is a unique blend of youth and experience, representing diverse disciplines and achievements.
He explained that Raq Mall spans 8,250 square meters in the Golden Square—the most prestigious area of New Cairo—comprising 250 retail outlets and 102 offices and medical clinics. The company has also ensured competitive pricing and extended payment plans for investors.
To guarantee top-quality operations, El-Dweiny announced partnerships with specialized success partners, including EgyMap, a leading mall management company in Egypt and Saudi Arabia, which will be involved from the design and engineering consultation stages to ensure efficient operations.
Additionally, the company partnered with Healthy Care Group to manage medical clinics and healthcare facilities, and with Hafez Engineering Consultants for design oversight.
El-Dweiny emphasized that Raq Mall will introduce first-of-its-kind services, both medically and operationally, featuring 10 elevators serving the entire project and 5 escalators for optimal accessibility.
Eng. Eyad Riyad, Head of Marketing and Public Relations, stated that the project concept was inspired by the desire to break away from conventional designs and offer an architectural style that reflects Arab identity with a modern spirit.
He said: “We noticed that Arab identity has often been absent from modern architectural designs, so we made it our mission to reintroduce it with a distinctive architectural vision that merges authenticity with modernity, giving the project a unique concept unlike anything else in the market.”
