Egypt-based Lozan Urban Development Group (LUD) has launched the third phase of the Rift Business Park project in New Cairo’s Mostakbal City. Adel Abdelmonaem, the company’s chairman, announced the launch in press remarks earlier this month. The project is a collaboration between LUD and Al Rabwa Group.
Valued at nearly EGP 15 billion, the Rift Business Park project was launched earlier this year and has so far generated EGP 6.5 billion.
The unveiling of the third phase comes a few months after the company announced that the first and second phases of the Rift Business Park project were sold out.
During an event organized by LUD, Abdelmonaem stressed that the Rift Business Park is considered the largest of its kind in Mostakbal City, adding that the project's location is among the key factors in its mounting consumer appeal.
Situated in close proximity to the New Administrative Capital (NAC), the Rift Business Park is also along the Middle Ring Road and directly connected to the Mohamed Bin Zayed axis. It can be accessed within 10 minutes from the city of Madinaty.
With its unique location, the Rift Business Park project caters to local and international buyers, with the broader purpose of bringing more liquidity to the entire real estate sector in the country. Abdelmonaem also noted that the company is keen to work with strong local partners to provide all the services its prospective clients need.
Spanning across an area of 70,000 metres, the multifunctional, integrated complex features an integrated retail and business hub and will encompass office premises as well as health and leisure amenities.
The company dedicates a large area of the project to accommodating spacious outdoor green spaces, boasting a variety of water features. According to earlier statements made by the company's chairman, the mall is encompassed by a substantial green cover, amounting to a remarkable 71 percent of the project’s land area,
The Rift Business Park is expected to also include a kid's play area, a multiplex, drive-through services, a hypermarket, a standalone building for banks, and a large restaurant area, among other services.
Besides the Rift project, LUD has other ongoing real estate development projects in the cities of New Mansoura and New Damietta.
Notably, the company has recently developed the 12-story APEX Business Complex, located at the heart of the NAC. LUD also boasts a large portfolio of residential projects in the United Arab Emirates (UAE), where it has developed villas across Abu Dhabi, Mohammed bin Zayed City, and Khalifa Bin Zayed City (A).