09 September 2019
Egypt-based Marakez, one of the largest mall developers and operators in the Middle East, is expected to invest a total of 11 billion Egyptian pounds ($667 million) in mall projects in Tanta and Mansoura governorates over the next three years, the head of Egypt's Internal Trade Development Authority (ITDA) said.
ITDA is a part of Egypt's Ministry of Internal Trade and Consumer Protection while Marakez is a subsidiary of Saudi retail giant Fawaz Alhokair Group.
Ibrahim Ashmawy told Thomson Reuters Projects that Marakez is planning to invest six billion pounds ($364 million) in the Mall of Tanta project located in the Downtown Delta retail and logistics master development in the Tanta governorate.
In December 2017, US-based Vernbro Global Investment was awarded the mandate by the Egyptian government to develop and operate Downtown Delta on ITDA-owned land with Right of Use for the land for 75 years.
Ashmawy didn't share the development timeline for Mall of Tanta but said it would span an area of 33 acres with a construction area of 60,000 square metres (sqm) and leasable area of 40,000 sqm.
He said Marakez has also signed a contract with ITDA to develop a five billion pounds ($303 million) mall in the Mansoura governorate on ITDA-owned land.
"The company is currently designing the master plan for the mall, which will span an area of 46 acres," he said, adding that it would be completed by 2023 and is expected to create 75,000 direct and indirect job opportunities.
He said the second phase of Downtown Delta will be completed by 2020 and include an 800 million pounds sports club and an international hotel.
(1 US Dollar = 16.50 Egyptian Pounds)
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
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