The second IKEA store is set to come to West Cairo as MARAKEZ for Real Estate Investment, a subsidiary of Saudi Arabia’s Fawaz Alhokair Group, recently signed a Memorandum of Understanding (MoU) with Al-Futtaim Misr for Retail to open the store at Mall of Arabia, Invest-Gate reports.
Following its successful entry into Cairo Festival City in 2013, this will be the Swedish retailer’s second store in Egypt which will span across 20,000 square meters of retail space fully integrated within Mall of Arabia, according to a company’s statement.
The store is scheduled for inauguration by the end of 2020, the statement adds.
“Many global brands, such as IKEA, are reviving their expansion plans in Egypt, by far the largest consumer market in the region. We are delighted that Al-Futtaim has selected MARAKEZ as its strategic partner in this venture, recognizing the strength of Mall of Arabia offering and its unparalleled location,” Ahmed Badrawi, CEO of MARAKEZ, is quoted as saying.
“We are confident IKEA will be a great addition to the development of our second phase at Mall of Arabia and will enhance the visitor experience for all our customers,” Badrawi adds.
