Arabia Development has announced the inauguration of a new development plan for its milestone project of Galleria Mall, aiming to maintain its leadership in mixed-use projects in East Cairo by acquiring Amaken to manage and promote its project with an investment of EGP 50 mn, Invest-Gate reports.
This move is part of the company’s long-term strategy of bringing real estate products to the local market to cater the diverse demands of its consumers. Furthermore, it is part of the company’s objective to broaden its projects’ portfolio to deliver the best possible customer service while boosting the company’s assets.
The signing of the agreement is between Arabia Group and Amaken to manage and promote the Galleria Mall project, with the attendance of Ayman Nawar, Head of Arabia Development’s Commercial Sector, Eng. Amr Diab Vice President for Technical Affairs at Arabia Holding and Jasser Bahgat, CEO of Amaken.
The Galleria Mall project development plan calls for the project’s activity to be transformed into administrative and commercial sectors, with the ground floor allocated for restaurants and cafés. “The company is continually doing research on the demands of Egypt’s real estate market, and has recently seen a growing need for administrative areas, particularly in the East Cairo region,” states Head of Arabia Development’s Commercial Sector Ayman Nawar.
“I decided to change Galleria Mall’s activities to include the majority of its units for administrative operations while keeping the restaurants and cafés on the ground floor to provide a variety of services to the mall’s clients,” he adds.
“We chose Amaken to manage and promote Galleria Mall because of its vast expertise in managing comparable projects and offering the optimum services to clients while boosting our company’s return,” Nawar adds. By this agreement, Amaken will be in charge of administering the mall as well as selling and leasing the project’s remaining units. Moreover, it will begin to analyze the project’s most unique selling points and design a marketing strategy with the goal of attracting large enterprises, economic institutions, as well as local and international banks with the most added value for customers to establish branches in the mall.
“We are delighted to have been chosen to manage and market the Galleria Mall project for Arabia Group, given the company’s long-standing experience and reputation in the real estate sector, which has built 17 projects across the country,” Jasser Bahgat, CEO of Amaken says.
“The Galleria Mall project is one of the most prominent mixed-use projects in East Cairo. Based on the mall’s quality and the Amaken team’s significant expertise in comparable projects, we guarantee to deliver the best management and marketing services to Galleria Mall’s clients,” he adds. Spanning over an area of 18,000 m in the heart of New Cairo, the Galleria Mall project encompasses 105 administrative and 16 commercial units.