Marakez for Real Estate Investment has acquired from the Internal Trade Development Authority (ITDA) a 47-feddan land plot in Mansoura city, Daqahleya, to develop a commercial mall with EGP 1.4bn in investments.
The mall that will serve as a retail and entertainment centre for the Delta area, including the 7 million population of Daqahleya.
“Marakez’s expansion plan goes beyond major cities,” said Basil Ramzy, the company’s CEO, adding “We continue to pioneer the real estate development market in Egypt by expanding our commercial footprint to meet the needs of millions of people in different governorates.”
Due to open in 2021, the new mall will include hypermarket, Cineplex, food court, entertainment areas, local and international fashion brands, and parking lot with a capacity of 1,500 vehicles. The project will provide 10,000 direct and indirect job opportunities.
“We are honoured to introduce an internationally modelled shopping mall in the city of Mansoura,” said Ahmed Badrawi, executive vice chairperson of Marakez. “These areas need development projects that serve the needs of the local population. With the new project, Marakez will introduce new services to these under-served areas, meet the growing demand on retail services in small cities, and provide thousands of job opportunities.”
The new mall in Mansoura is the second commercial development by Marakez in the Delta region. Mall of Tanta, due to be opened later this year, was the first internationally modelled mall in Delta, built over 135,000 sqm, with a built-up area of 60,000 sqm and a gross leasable area of 40,000 sqm, at an investment of EGP 1.2bn. Marakez is implementing a strategic investment plan in Egypt of more than EGP 15bn focusing on major projects in Cairo and other governorates.