PROJECTS: Saudi Marakez, Egypt's Ministry of Supply and Internal Trade to develop Mall of Mansoura

The project would be developed at an investment of $127mln

  
Image used for illustrative purpose Workers wearing protective face masks stand on a building under construction in the New Administrative Capital (NAC), east of Cairo, amid concerns about the spread of the coronavirus disease (COVID-19), in Egypt May 6, 2020.

Image used for illustrative purpose Workers wearing protective face masks stand on a building under construction in the New Administrative Capital (NAC), east of Cairo, amid concerns about the spread of the coronavirus disease (COVID-19), in Egypt May 6, 2020.

REUTERS/Mohamed Abd El Ghany
(Modified last paragraph to update investment details)
 
Egypt's Ministry of Supply and Internal Trade and Saudi Marakez have formed a joint venture to develop the Mall of Mansoura, in Mansoura City, Dakahlia governorate, at an investment of about 2 billion Egyptian pounds ($127 million), Marakez's Chief Business Development Officer said.
 
Ashraf Farid told Zawya Projects that the 46-acre Mall of Mansoura would be built in two phases.
 
"The first phase, spanning 36 acres, would include 200 stores and open in mid-2023. The 10-acre second phase would be a logistics and warehousing facility for the mall, and include offices, storage and packing places," Farid said.
 
He added that the mall would also include an entertainment zone and a hotel.
 
Farid said Marakez is planning to invest 10 billion pounds ($635 million) in the coming three years in Egypt. 
 
"We are studying investment opportunities in Assuit, Alexandria, Kafr El Sheikh, and Dakahlia governorates for commercial and logistics projects," he disclosed.
 
(1 US Dollar = 15.75 Egyptian Pounds)
 
(Reporting by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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