UK-based property advisor Savills Egypt has revealed that expansion works are underway at west Cairo’s Arkan, bringing the mixed-use project’s built-up area to 260,000 square meters by Q1 2020, Invest-Gate reports.
Once completed, Arkan will boast 210 commercial spots, 67 dining spaces, 185 hotel rooms, 900-seat theatre, 47,000-square-meter office space, 4,500 parking lots, among other key developments, according to the company’s press release on December 18.
Additionally, over 70% of retail units in Arkan are currently leased, including global brands making their first entry into the North African country. It will feature more than 200 retail as well as food and beverage (F&B) outlets.
“Egypt is the Arab world’s largest consumer market and one of the fastest-growing economies in the region. According to research from Oxford Economics, the Egyptian retail market is expected to reach USD 157 bn (EGP 2.51 bn) by 2022, overtaking Saudi Arabia’s and making it the Middle East’s largest retail market. As the country continues its encouraging economic reforms, opportunities in the retail sector will remain predominant,” Head of Savills Egypt Catesby Langer-Paget was quoted as saying.
“Our role is to maintain and build on the success that El Badr, the project’s master developer, has had in establishing Arkan a vibrant lifestyle hub in west Cairo by utilizing the latest place-making trends. We are providing a fully-immersive environment with positive and productive workplaces, complemented by world-class retail,” Langer-Paget further added.
In Q1 2019, Savills had inked joint venture (JV) agreement with Egypt-based Sphere Property Management, in a bid to strengthen the company’s presence in the North African nation. The deal, which was signed during MIPIM’s last edition, included the leasing and management of Arkan.