Prime Egypt has announced that Prime Real Estate Development has signed a contract for the first outlet mall for brands, in cooperation with Free Port-MaMoRan Inc, one of the most prominent companies in the field which has developed some of the top malls in Europe.
During a press conference in MAPIC Exhibition in French Cannes, Tamer Wageh, chairperson of Prime group, said that the Egyptian market is the most prominent trade ports into Africa and the Middle East.
Wageh added that the outlet mall will be completely different from any mall that currently exists in Egypt in terms of brands for different prices. He explained that the location of the mall was chosen to be outside populated areas to ensure competitiveness and contribute to supporting tourism and attracting foreign investments.
Chairperson of Free Port Gerald J. Ford said that over the past four years he has been keen on working in Egypt in light of the clear development of the market with a youthful vision and rapid development in major projects, something he hadn’t seen in regular market.
Furthermore, Prime announced that the name of the mall will be Prime Outlet Cairo and will be located on the ring road near the New Administrative Capital, stressing that it will be open for business in 18 months.