Egypt's Marakez opens Town Center retail destination

Construction work began on the development in August 2019

  
A general view of the newest project for future homes "One Kattameya" by Egyptian real estate development Memaar Al Morshedy Group at a highway in Cairo, Egypt, September 23, 2018. Image used for illustrative puposes

A general view of the newest project for future homes "One Kattameya" by Egyptian real estate development Memaar Al Morshedy Group at a highway in Cairo, Egypt, September 23, 2018. Image used for illustrative puposes

REUTERS/Amr Abdallah Dalsh

Marakez, a mall developer and operator in Egypt, opened the Town Center retail development, on Tuesday, at the busy intersection between the Ring Road and the Ismailia-Cairo Road.

The on-the-go retail destination stretches over approximately 64,000 sqm, and boasts over 25,000 sqm of Gross Leasable Area. It is expected to serve more than 2 million people who live and work in the area.

Construction work began on the development in August 2019, and is located in close proximity to the new Adly Mansour metro station and the Salam Bus Station.

With total investments exceeding EGP 260m, Town Center includes a variety of retail outlets for fashion, cosmetics, electronics, home accessories and appliances. It is anchored by a range of renowned international brands, including Carrefour, Mostafa El Sallab, LC Waikiki, Active, and many more.

Marakez CEO Basil Ramzy said that the lack of organised retail and the densely populated area were key drivers for the company and its main partners Carrefour, Mostafa El Sallab, and LC Walkiki, in establishing the commercial centre. It acts as an alternative to the current decentralised retail offerings.

Town Center supports Egypt’s socio-economic vibrancy by catering to the needs of its local communities.

Over the year, Marakez has taken a number of proactive steps to support the safety of its customers, employees and the community by adhering to the most protective measures to mitigate the transmission of the novel coronavirus (COVID-19).

The company has also implemented strategies to minimise any repercussions to the realisation of its numerous projects, and has continued construction on all its projects across Egypt, added Ramzy.

Marakez is implementing a strategic investment plan in Egypt of more than EGP 20bn, focusing on key projects in Cairo and other governorates. This includes the projected opening of a new mall every year, including: Mall of Tanta in 2019; Town Center in 2020; and Mall of Katameya and Mall of Mansoura within the following two years,

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