Marakez Gets EGP 395 mn Loan for Mall of Arabia Expansion

Marakez Gets EGP 395 mn Loan for Mall of Arabia Expansion

Marakez for Real Estate Investment, a subsidiary of Saudi Arabia’s Fawaz Alhokair Group, has signed a long-term loan agreement with Emirates NBD Egypt to provide EGP 395 mn worth of funds for Mall of Arabia’s new expansion plans, Invest-Gate reports.

“This facility represents a significant step in the implementation of our EGP 17 bn strategic investment plan in the Egyptian market,” Marakez CEO Basil Ramzy said in a press release on November 11.

It added that the mall’s new expansion will include the development of Cairo’s first in-mall IKEA store with a gross leasable area (GLA) of 22,000 square meters.

“We are thrilled that the beloved Swedish brand[, IKEA,] has selected Mall of Arabia to have its second store in Egypt, affirming the success of our ambitious expansion plans in the Egyptian market and our significant investments for the development and expansion of Mall of Arabia,” Ramzy emphasized.

He further noted that his company’s cooperation with Emirates NBD shows that “we are moving steadily towards becoming the largest mixed-use real estate development company in Egypt that develops shopping malls according to the highest international standards.”

For his part, Amr Azab, head of the credit sector at Emirates NBD Egypt, underlined, “Providing such credit facilities aligns with the bank’s willingness to extend financing major projects in the Egyptian market as part of its strategy to expand in all economic sectors.” He added, “The bank succeeded in doubling the size of its corporate loan portfolio by an average accumulative annual growth rate of 44% through focusing on funding infrastructure and urban development projects.”

Earlier this year, Marakez launched the second phase of Mall of Arabia under the name “The Expansion,” providing mall visitors with an unprecedented shopping experience by adding 40,000 square meters of leasable space.


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