MARAKEZ signs a BOOT contract with the National Central Cooling Company (Tabreed) and the Egyptian Company for Energy and Cooling projects (Gascool) to provide district cooling services to D5M, the first mall in New Katameya in East Cairo, Invest-Gate reports.
D5 features Mindhaus, a world-class 240,000 sqm office park with thoughtful spaces for community engagement, and D5M, the first mall in New Katameya encompassing 100,000 sqm for retail, F&B, and entertainment, and 50,000 Gross Leasable Area (GLA) all located within walking distance to the exclusive 1,800 residential units of District Five Residences.
MARAKEZ and its partners are constructing the D5M district cooling plant in stages, aiming to be fully operational before the end of 2023. Tabreed will be the lead partner owning 60% equity with Gascool owning 40%. The plant’s operational capacity will be 6,000 refrigeration tons (RT), with a total installed capacity of 7,500 RT.
“As an industry leader in the real estate development sector, MARAKEZ seeks equally strong partners to support its pioneering commercial and residential developments across Egypt,” says Basil Ramzi, CEO of MARAKEZ.
Ramzi adds that the partnership with Tabreed and Gascool deepens our efforts in support of Egypt Vision 2030 toward greater environmental sustainability.
Following the signing of the agreement, Khalid Abdullah Al-Marzooqi, Tabreed’s CEO, says that this is a very important, strategic step for our company, our entry into the Egypt market being a solid part of our long-term plans for sustainable growth beyond the GCC.
Besides, Tabreed’s unrivaled expertise in the district cooling industry will benefit Egypt in various ways and Gascool is a perfect fit for Tabreed. Our business partner and shareholder, ENGIE, also has a strong presence in Egypt, the experience that Tabreed will be able to benefit from over the coming years.
MARAKEZ’s total investments for its current projects in Egypt exceed EGP 21 bn of which, EGP 11 bn have already been invested with EGP 10 bn to be invested in the coming three years.
