Marakez for Real Estate Investment has won the gold award for Mall of Arabia’s phase II, or “The Expansion,” during the Middle East Council of Shopping Centers and Retail (MECS+R) 2019 Awards ceremony, in recognition of its design and development, Invest-Gate reports.

“Being a gold award recipient and the only one from Egypt in this category qualifies us for the international VIVA Best of the Best 2020 Award which acknowledges Marakez’s strong position in the sector,” Basil Ramzy, the company’s CEO, was quoted as saying in a press release on November 6.

Deemed one of Egypt’s largest and most popular retail, dining, and entertainment spots, Mall of Arabia spans across a gross leasable area of 150,000 square meters in west Cairo, embracing over 300 and 120 retail outlets and dining options, respectively. Aiming to offer engaging experiences for communities, Marakez created the first eight-acre park right in the midst of the mall, coming with various amenities focusing on four main pillars, namely entertainment, fitness, food and beverages, and kids’ activities.

Apart from Marakez, which is a subsidiary of Saudi Arabia’s Fawaz Alhokair Group, more winners were announced at a conference held at the Ritz-Carlton DIFC, Dubai, recognizing the region’s most innovative shopping centers for outstanding achievement in marketing, design and development, as well as, retail categories.

Currently, Marakez is implementing an Egypt-based strategic investment plan that surpasses EGP 17 bn, including a portfolio with one of the highest recurring revenue profiles in the country such as Mall of Tanta – poised to be Gharbia’s first internationally-modeled mall and the largest in the Delta region – and Mall of Mansoura, which is due to open in 2021.