Main Marks Developments has entered into a strategic cooperation agreement with Misr Company under the usufruct system for the commercial part of Moray project, Invest-Gate reports.
Subsequently, Misr Company has contracted with Qatari Retaj Hotels to manage and operate the commercial section of the project.
The contract signing took place at the headquarters of Retaj Hotels in Qatar, with the participation of George Ghanem, CEO of Main Marks Developments, Mohamed Azzam, CEO of Misr Company, and Sheikh Nayef bin Eid Al Thani, Chairman and Managing Director of Retaj Hotels and Hospitality.
George Ghanem, CEO of Main Marks, emphasized the significance of this exceptional cooperation, which maximizes the investment advantages of the project. He highlighted that the company aims to launch a unique and innovative project and has already secured a prime location in the Fifth Settlement of New Cairo.
He elaborated that Moray project is Main Marks’ inaugural venture in the Egyptian market. With investments exceeding EGP 30 bn, it encompasses commercial, administrative, and medical components, as well as serviced units. The project offers units of various sizes tailored to attract international brands.
Covering an area of 16.5 acres, Moray represents a new milestone in New Cairo and boasts a 300-sqm frontage on North Teseen Street. Ghanem emphasized that the project has been meticulously designed to meet the highest quality standards, ensuring distinct and exceptional properties.
Furthermore, Ghanem revealed that Main Marks was established through a strategic alliance between three partners: Wealth Developments, HTD Properties, Al Hayat Group, along with the Emirati company Rawabi Al Ain. All these entities possess extensive experience in real estate development in Egypt and the UAE.
Mohamed Azzam, Chairman of Misr Company, highlighted that his company has obtained the commercial section of Moray project under the usufruct system for a duration of 10 years. Retaj Hotels, a leading company in the field, has been selected to manage and operate the commercial segment.
Azzam also mentioned that the commercial area within the project spans 50,000 sqm and comprises over 190 retail stores of varying sizes.