Marakez for Real Estate Investment, a subsidiary of Saudi Arabia’s Fawaz Alhokair Group, plans to open its latest commercial project, Mall of Tanta, in Gharbia governorate next August, with total investments of about EGP 1 bn, Invest Gate reports.

CEO of Marakez Ahmed Badrawi told Invest-Gate that Mall of Tanta has been developed within only 18 months, adding that the company is approaching the full completion of marketing the project.

He noted that Marakez decided to launch businesses in governorates after conducting several market studies, which showed the existence of strong purchasing power and demand in the Delta region, specially Tanta city.

Additionally, the company plans to expand into governorate outside Cairo and Giza, namely in the Nile Delta and Upper Egypt during the coming period, Badrawi elaborated.

In addition, Marakez announced on March 17 welcoming Spinneys into Mall of Tanta, according to a recent company statement/

More than 70% of the mall tenants are completing their finishing works, the developer announced in the statement, adding that Mall of Tanta will also be welcoming tenants such as LC Waikiki, Billy Beez, Galaxy cinema, and MAX.

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 that occupies over 135,000 square meters. The commercial project spans across 60,000 square meters of built-up area and 40,000 square meters of gross leasable area.