Cairo – Mubasher: Marakez for Real Estate Investment has acquired from the Internal Trade Development Authority (ITDA) a land plot spanning 47 acres in Mansoura City in the governorate of Dakahlia.

With investments valued at EGP 1.4 billion, Marakez plans to develop a new commercial mall with an international model to become a regional retail, dining, and entertainment hub.

Due to open in 2021, this new project is set to meet the needs of residents in the Delta region, including the 7 million people living in Dakahlia, according to a recent press release.

Marakez is one of the largest mall developers and operators in Egypt, and the subsidiary of the Saudi Arabian developer The Fawaz AlHokair Group.

CEO of Marakez Basil Ramzy said, “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.”

The new mall will feature a hypermarket, a Cineplex, a food court, dining and entertainment areas, in addition to local and international fashion brands served by 1500 parking spots.

This investment is expected to create 10,000 direct and indirect job opportunities.

Executive vice chairman of Marakez Ahmed Badrawi commented, “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 undertaken by Marakez in the Delta region.

Mall of Tanta, due to open later in 2019, is the first internationally-modelled mall in any of Egypt’s secondary governorates spanning over 135,000 m2, at an investment of EGP 1.2 billion

With a strategic plan of EGP 15 billion worth of investments in Egypt, Marakez focuses on key projects in Cairo and other governorates.

Source: Mubasher

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