Marakez for real estate investment has signed a 15-year agreement with Spinneys hypermarket to lease approximately 4,100 sqm in Mall of Tanta, according to a Saturday press statement.
The company is the Egyptian arm of Saudi Arabian conglomerate Fawaz Alhokair Group, the largest mall developer in the Middle East.
“At Marakez, we made a concerted, significant effort to develop a project that caters to the needs and desires of the local community in the Delta region,” said Ahmed Badrawi, CEO of Marakez.
Mall of Tanta is the governorate of Gharbia’s first internationally-modelled mall to serve the Delta region, with investments of approximately EGP 1.2bn, serving the region’s 42 million inhabitants.
“We’re pleased to sign with Marakez to serve as the hypermarket for Mall of Tanta,” said Mohanad Adly, CEO of Spinneys.
Moreover, Mall of Tanta will provide more than 10,000 job opportunities for Egyptians.
Marakez is currently developing three malls in Egypt over the next three to five years, as well as developing new mixed-use residential projects such as Central West.