Marakez for Real Estate Investment, a subsidiary of Saudi Arabia’s Fawaz Alhokair Group, has acquired a 47-acre land plot from the Internal Trade Development Authority (ITDA) in Mansoura city to develop a new internationally modeled commercial mall, Invest-Gate reports.
With investments worth EGP 1.4 bn, the new mall aims to serve as regional retail, dining, and entertainment hub, while meeting the needs of Delta residents, including 7 mn people living in Dakahlia governorate, according to a press release on April 8.
“Marakez’s expansion plans materialize into the company’s full-scale success. Going beyond primary cities, and establishing developments that are at the heart and soul of the communities, is what we aim for,” CEO of Marakez Basil Ramzy was quoted as saying.
Scheduled for opening in 2021, the new mall will feature a hypermarket, Cineplex, food court, dining and entertainment areas, as well as, local and international fashion brands, all complemented with 1,500 parking spots, the statement revealed, adding that it will also contribute to creating 10,000 direct and indirect job opportunities.
According to Executive Vice Chairman of Marakez Ahmed Badrawi, areas like Mansoura are in critical need of tangible developments and investments to serve the necessities of the local population.
“With the new project, Marakez is helping develop these under-served areas, meet the growing demand on retail services in secondary cities, provide thousands of job opportunities, and create value to these cities,” Badrawi highlighted.
The Saudi developer’s new mall in Mansoura is the second commercial development it has undertaken in the Delta region, following the establishment of Mall of Tanta – which is due to open later this year, marking the first internationally modeled mall in Egypt’s secondary governorates.
Mall of Tanta occupies over 135,000 square meters, with 60,000 square meters of built-up area and 40,000 square meters of gross leasable area, and with investments of EGP 1.2 bn.
Currently, Marakez is implementing a strategic investment plan in Egypt, surpassing EGP 15 bn and focusing on the development of key projects in Cairo and other governorates.
