Raya –Egypt Considers Buying New Areas to Invest in Smart Buildings

Raya Holding Co for Technology and Telecommunication S.A.E. (RAYA) is aiming to invest in a numbers of Smart Village buildings within the next period.

Eng. Mohammad Faris, CEO of Raya Smart Buildings said the company will focus on its coming investments in smart buildings in East-Egypt and new Cairo, noting that the company will seek to launch smart residential such as the residential which will be launched in Sixth of October city.

 He has informed Amwal Al Ghad that it didn’t collect investments for the expansion in smart buildings unless it will choose the available location.

He noted that the total investments of Raya in smart residential in Sixth of October reached EGP500 million, pointing out that it is the largest smart project for the company.

 He said the company collected around EGP700 million for investing in Smart buildings portfolio.

The board of directors of Raya approved to file proposal for the general assembly regarding boosting the capital of Raya which issued in an authorized limit from EGP375.52 million to EGP470.52 million, move up by EGP100 million via a call for underwriting in additional shares at par value per share.

Raya’s business results revealed that it achieved EGP28.993 million net profits in the first nine months of 2013, against EGP13.24 million in 2012 move up by 119%.