Cairo, Egypt: MARAKEZ for Real Estate Investment, one of the largest mall developers and operators in the Middle East is expecting Mall of Tanta to welcome 10,000-12,000 daily visitors following its launch Fall 2019. Mall of Tanta is El Gharbia governorate’s first internationally-modeled mall featuring family entertainment, cinemas, ample parking spots as well as local and international retail outlets serving the Delta region.
“The imminent opening of Mall of Tanta represents the fulfillment of MARAKEZ’s ambitious strategy to invest in Egypt’s under-served Governorates. With almost all foreign investment focused in Cairo and Alexandria, we are extremely pleased to bring a fully-fledged, 21st century shopping and entertainment experience to the 5 million residents of the Delta region. We have recently secured an additional location in Mansoura and hope to expand into other Governorates in the near future. “, said Ahmed Badrawi, Executive Vice Chairman of MARAKEZ
Throughout its phases of development and operation, Mall of Tanta will provide more than 10,000 job opportunities for Egyptians across various employment levels and the type of service offered by the Mall will raise the capacity of workers involved. MARAKEZ will conduct workshops and trainings for staff members on a regular basis to further enhance skill levels and knowledge to support the mall’s tenants such as Spinneys, LC Waikiki, Billy Beez, Galaxy cinema and MAX to name a few.
“MARAKEZ is the first prime mall developer to invest in the Delta, providing economic opportunities in the Delta region and beyond” said Basil Ramzy, CEO of MARAKEZ. “Mall of Tanta will be a commercial and entertainment hub with wide-reaching benefits to the area. At MARAKEZ, we aim to build and operate projects that are the heart and soul of the communities they serve. “
MARAKEZ has invested approximately EGP 1 billion in Mall of Tanta, which occupies over 33 acres, with 60,000 m2 built-up area and with 40,000 m2 of gross leasable area. Mall of Tanta is a fully integrated shopping and amusement center featuring high-end, international fashion brands with 140 retail outlets, 30 diverse dining outlets and a multi-screen cineplex. Mall of Tanta will also feature a dedicated furniture zone and a children’s indoor entertainment area to satisfy the needs of the entire family. With 1,500 surface parking spaces, the mall provides convenient parking and access for all tenants and visitors.
In just three short years since entering the Egyptian market in 2015, MARAKEZ has consolidated multi-sector investments of AlHokair Group worth EGP 15 billion. From East Cairo to West Cairo, from secondary cities such as the Nile Delta or satellite cities such as Sixth of October, MARAKEZ brings significant depth and breadth of experience in commercial, retail, and residential real-estate including food and entertainment, while creating thousands of job opportunities for Egyptians.
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 6thOctober, AEON, as well as Mall of Katameya and District Five residential project in New Katameya. In addition to, Mall of Tanta which is due to open in 2019 and the 47-acre land plot in Mansoura dedicated for a new commercial mall.
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© Press Release 2019