MARAKEZ for Real Estate Investment, one of Fawaz AlHokair Group of companies, invested approximately EGP 1bn in the Mall of Tanta in the Gharbeya governorate.
The company plans to open the mall in the fourth quarter (Q4) of 2019, expecting that it would welcome 10,000 to 12,000 daily visitors.
The Mall of Tanta occupies over 33 feddan, with 60,000 sqm built-up area and a 40,000 sqm of gross leasable area.
The mall is a fully integrated shopping and amusement centre, featuring high-end, international fashion brands with 140 retail outlets, 30 diverse dining outlets, and a multi-screen cineplex.
The Mall of Tanta will also feature a dedicated furniture zone and a children’s indoor entertainment area to satisfy the needs of the entire family.
With 1,500 surface parking spaces, the mall provides convenient parking and access for all tenants and visitors.
Executive Vice Chairperson of MARAKEZ, Ahmed Badrawi, said, “The imminent opening of the Mall of Tanta represents the fulfilment of MARAKEZ’s ambitious strategy to invest in Egypt’s under-served governorates. With almost all foreign investment focused in Cairo and Alexandria, therefore, our company is keen on providing shopping and entertainment experience to the five million residents of the Delta region.”
Badrawi revealed that the company has recently secured an additional location in Mansoura and hopes to expand into other governorates in the near future.
Throughout its phases of development and operation, the Mall of Tanta will provide more than 10,000 job opportunities for Egyptians across various employment levels and the type of services offered by the mall will raise the capacity of workers involved.
MARAKEZ will conduct workshops and trainings for staff members on a regular basis to further enhance skill levels and knowledge to support the mall’s tenants such as Spinneys, LC Waikiki, Billy Beez, Galaxy cinema, and MAX, to name a few.
For his part, Basil Ramzy, CEO of MARAKEZ, said that the company is the first prime mall developer to invest in the Delta, providing economic opportunities in the Delta region and beyond.
The Mall of Tanta will be a commercial and entertainment hub with wide-reaching benefits to the area, he noted.
Since entering the Egyptian market in 2015, MARAKEZ has consolidated multi-sector investments of AlHokair Group worth EGP 15bn. This is all from east Cairo to west Cairo and from secondary cities such as the Nile Delta or satellite cities such as the Sixth of October City.