PHOTO
Cairo, Egypt:- MARAKEZ for Real Estate Investment, one of the largest mall developers and operators in Egypt, has signed the loan agreement for the first phase of its latest commercial project in New Katameya, East Cairo – Mall of Katameya. The EGP 1.5 bn facility from Banque Misr, Banque du Caire, Arab African Bank, Misr Iran Development Bank and Arab International Bank will allow MARAKEZ to begin construction on the mall, which is poised to serve a wide range of neighborhoods across the Greater Cairo area.
Strategically located in New Katameya and stretching over approximately 420,000 sqm with 110,000 sqm of GLA, Mall of Katameya will serve various neighborhoods, including Heliopolis, Maadi, Mokattam, Nasr City and New Cairo. The entirety of District 5, in which the mall is located, also includes a residential complex, District Five Residences, with 1,800 state-of-the-art town houses and apartments, as well as, office spaces.
“This facility is a significant step towards the realization of our latest project in New Cairo: Mall of Katameya” said Basil Ramzy, CEO of MARAKEZ. “Our success in developing new concepts such as The Park, together with the opening of Ikea at Mall of Arabia and Mall of Tanta in September, have given us the confidence to press ahead with our most ambitious project so far: Mall of Katameya at District 5”.
MARAKEZ is implementing a strategic investment plan in Egypt of more than EGP 17 billion focusing on key projects in Cairo and other governorates. Its latest projects include, Mall of Tanta, opening this September—which will be the Governorate of Gharbeya’s first internationally modeled mall and the largest mall in the Delta region—and Mall of Mansoura, which is due to open in 2021.
-Ends-
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 opening this September, El Salam Strip Mall that is due to open in 2020 and Mall of Mansoura which is due to open in 2021.
For more information, please visit:
www.marakez.net
www.fawazalhokair.com
www.arabiancentres.com
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
