Marakez for Real Estate Investment, a subsidiary of Fawaz Al Hokair Group, has signed a long-term agreement with Al-Futtaim Misr for Retail to open a new IKEA store at the Mall of Arabia in West Cairo by 2020, Invest-Gate reports.
The long-awaited 20,000 square meters’ IKEA Store in Egypt will mark the second branch of the Swedish home furnishing brand, and anchor Mall of Arabia’s recently launched second phase extension, known as “The Expansion,” according to an official statement by Marakez on December 22.
“The IKEA brand has been incredibly successful since its introduction in Egypt. Bringing IKEA to Mall of Arabia enriches the retailing experience for all of West Cairo and reinforces Mall of Arabia’s position as the premier shopping destination,” Vice Executive Chairman of AlHokair Group Ahmed Badrawi said.
Construction works are scheduled to commence in January, while the store is anticipated to launch by 2020, the company’s statement showed.
“The fact that IKEA selected Mall of Arabia for its second store in Egypt is a validation of our ambitious development plans and our continued investment in the Mall of Arabia,” Marakez CEO Basil Ramzy commented.
For his part, Vinod Jayan, managing director of IKEA UAE, Qatar, Egypt, and Oman, noted that the deal represents a new chapter in the brand’s story, pointing out that the opening of the new store is part of IKEA’s strategic plan and a quick step toward more progress and development in Egypt.