Marakez for Real Estate Investment, a subsidiary of Saudi Arabia’s Fawaz Alhokair Group, has obtained an EGP 1.5 bn loan facility from five banks to develop phase I of its latest commercial project in east Cairo, Mall of Katameya, Invest-Gate reports.

The property developer signed the loan agreement with Banque Misr, Banque du Caire, Arab African Bank, Misr Iran Development Bank, and Arab International Bank, in a bid to start construction works on Mall of Katameya, which will be situated in Marakez’s New Cairo flagship, District 5, serving the compound’s residents as well as neighboring areas, according to a press release on August 29.

Commenting on the move, CEO of Marakez Basil Ramzy highlighted, “This facility is a significant step towards the realization of our latest project in New Cairo: Mall of Katameya … Our success in developing new concepts such as The Park, together with the opening of IKEA at Mall of Arabia and Mall of Tanta in September, has given us the confidence to press ahead with our most ambitious project so far: Mall of Katameya at District 5.”

Currently, Marakez is implementing an Egypt-based strategic investment plan that exceeds EGP 17 bn, focusing on key projects in Cairo and other governorates, including Mall of Tanta – poised to be Gharbia’s first internationally-modeled mall and the largest one in the Delta region – and Mall of Mansoura, which is due to open in 2021.