Marakez for Real Estate Investment, a subsidiary of Saudi Arabia’s Fawaz Alhokair Group, plans to launch Gharbia Governorate’s first internationally-modeled shopping complex, Mall of Tanta, in fall 2019, Invest-Gate reports.
Expected to welcome up to 12,000 visitors daily, the fully-integrated shopping/amusement center features high-end, international fashion brands, alongside 140 retail outlets, 30 diverse dining spaces, and a multi-screen cineplex. It will also comprise a dedicated furniture zone and a kids indoor entertainment area to satisfy the needs of all family members, Marakez revealed during a site visit on June 18.
Mall of Tanta will grant more than 10,000 job opportunities for Egyptians, all through its phases of development and operation, including different employment levels and titles. Additionally, the developer will conduct workshops and training for staff members on a regular basis to further enhance their skills and knowledge to support the mall’s tenants such as Spinneys, LC Waikiki, Billy Beez, Galaxy Cinemas, MAX, to name a few.
“Marakez is the first prime mall developer to invest in the Delta, providing economic opportunities in the Delta region and beyond,” Basil Ramzy, the company’s CEO, said. “Mall of Tanta will be a commercial and entertainment hub with wide-reaching benefits to the area. At Marakez, we aim to build and operate projects that are the heart and soul of the communities they serve.”
The Saudi real estate firm has so far pumped approximately EGP 1 bn into the 33-acre Mall of Tanta, with a built-up area of 60,000 square meters and a gross leasable area of 40,000 square meters. Having 1,500 surface parking slots, the shopping center provides convenience and accessibility to all tenants and visitors.
On his part, Executive Vice Chairman of Marakez Ahmed Badrawi remarked, “With almost all foreign investments focused in Cairo and Alexandria, we are extremely pleased to bring a fully-fledged, 21st-century shopping and entertainment experience to the 5 mn residents of the Delta region.” He further revealed that his company has recently secured an additional location in Mansoura, in hopes to expand into other governorates in the near future.
Since entering the Egyptian market in 2015, Marakez has consolidated multi-sector investments of AlHokair Group, worth EGP 15 bn. From east to west Cairo, to secondary cities such as the Nile Delta – or satellite cities such as 6th of October City, the KSA-based developer brings significant depth and breadth of experience into commercial, retail, and residential properties, while creating thousands of job opportunities for Egyptians.
