Cairo, Egypt: - MARAKEZ for Real Estate Investment, one of the largest mall developers and operators in Egypt, has acquired from the Internal Trade Development Authority (ITDA) a 47-acre land plot in Mansoura City in the governorate of Dakahlia. With EGP 1.4 billion investments, MARAKEZ plans to develop a new internationally modeled commercial mall that will serve as a regional retail, dining and entertainment hub meeting the needs of residents in the Delta region including the 7 million people living in Dakahlia.
“MARAKEZ’s expansion plans materialize into the company’s full-scale success. Going beyond primary cities and establishing developments that are at the heart and soul of the communities is what we aim for” says Basil Ramzy, CEO of MARAKEZ. “We continue to pioneer the real estate development market in Egypt by expanding our commercial footprint to meet the commercial needs of millions of people in secondary governorates.”
Due to open in 2021, the new mall will feature a hypermarket, a Cineplex, a food court, dining and entertainment areas, local and international fashion brands served by 1500 parking spots. This is in addition to the 10,000 direct and indirect job opportunities it will create throughout its development.
“We are honored to introduce an internationally-modeled shopping mall in the city of Mansoura,” said Ahmed Badrawi, Executive Vice Chairman of MARAKEZ. “These areas are in need of tangible development and investment to serve the necessities of the local population. With the new project, MARAKEZ is helping develop these under-served areas, meet the growing demand on retail services in secondary cities, provide thousands of job opportunities and create value to these cities.”
The new mall in Mansoura is the second commercial development MARAKEZ has undertaken in the Delta region. Mall of Tanta, due to open later this year, is the first internationally modeled mall in any of Egypt’s secondary governorates occupying over 135,000 m2, with 60,000 m2 built-up area and with 40,000 m2 of gross leasable area, at an investment of EGP 1.2 billion. MARAKEZ is implementing a strategic investment plan in Egypt of more than EGP 15 billion focusing on key projects in Cairo and other governorates.
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About MARAKEZ for Real Estate Investment
MARAKEZ is a subsidiary of the Saudi Arabian conglomerate and largest mall developer and operator in the region – The Fawaz AlHokair Group. MARAKEZ is one of the largest mixed-use developers in Egypt with a portfolio of projects with one of the highest recurring revenue profiles in the country. Anchored by the flagship Mall of Arabia in West Cairo, MARAKEZ projects include the first residential towers in 6th October, AEON, as well as Mall of Katameya, District Five residential project in New Katameya and Mall of Tanta due to open in 2019.
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