Spinneys Egypt and real estate developer Al Ahly Sabbour have signed a Memorandum of Understanding (MoU) to lease and operate a new Spinneys hypermarket in The City of Odyssia at Mostakbal City.
The agreement was signed by Al Ahly Sabbour CEO Ahmed Sabbour and Spinneys Egypt CEO Mohanad Adly.
Under the agreement, the new hypermarket will be ideally located between New Cairo and the New Administrative Capital (NAC), and is set to cover an area of 3000 sqm. It will provide retail products and services within the City of Odyssia’s Central Business District (CBD).
Spinneys serves as a significant addition to the City of Odyssia, especially with the unprecedented urban development the latter brings to this vital area, considered as a golden triangle between Mostakbal City, New Cairo, and the NAC.
“This collaboration is a new chapter in the success story written by Spinneys and Al Ahly Sabbour,” Adly said, “The launch of the first Spinneys supermarket on the North Coast last year was a major step for both businesses, as Spinneys was able to successfully provide retail products and services to residents at Al Ahly Sabbour’s project “Amwaj”.”
He added that, with an integrated design and reasonable prices, it transformed the shopping experience in the North Coast area as a whole.
On his part, Sabbour said, “We seek to collaborate with high-profile, reputable organisations in different fields with the aim of providing the highest quality of services and benefits to our customers.”
Sabbour added, “This agreement with Spinneys is the first of many that the company plans to introduce at the City of Odyssia’s Central Business District, especially considering the tremendous significance of the project, which is our most important one to date and one that adds more value to our 25 years of achievements.”
In partnership with El Mostakbal for Urban Development, the master developer of Mostakbal City, The City of Odyssia is based 15 minutes from the American University in Cairo (AUC), and adjacent to the NAC.
The project, which has garned a total of EGP 29bn in investments, will be delivered over seven phases, three of which have already been launched, and contain mixed-use and residential components.
It features a unique architectural style designed by the world-renowned architecture firm Gensler, on an area of 528 acres. The project features an urban design executed to cater for all needs and tastes, as well as to provide the highest levels of privacy to its customers, bringing together luxurious apartments, villas, twin and townhouses. The City of Odyssia provides a healthy and lively atmosphere to its people, and is set to start delivering towards the end of 2022.