Egypt’s Prime Group has announced signing a contract with London-based Freeport Retail to develop the country’s first-ever outlet mall for brands in Cairo, during its participation at France’s MAPIC exhibition in Cannes, Invest-Gate reports.
Slated for opening within 18 months, “Prime Outlet Cairo” will be located on the regional ring road, in close proximity to the New Administrative Capital (NAC), according to a press release on November 14.
Tamer Wageh, the group’s chairman, underlined that the mall’s location was chosen on the outskirts of the capital’s dense areas to ensure competitiveness as well as contribute to supporting tourism and attracting foreign investments.
“Tthe economic development Egypt has seen over the past few years and the continuation of growth and investments in the Egyptian market,” Wageh was quoted as saying.
The Egyptian market is the most prominent trade port to the Middle East and Africa, he pointed out in the presence of the group’s vice-chairman Mohamed Farrag and board member Abdelmoneim Azmy.
The chairman added that the outlet mall will be completely different from any other existing development in the Egyptian market, in terms of brands and offered prices.