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Monday, 15 October 2018

Marakez repays EGP 2 bn loan for Mall of Arabia

** #2 Marakez repays EGP 2 bn facility for Mall of Arabia: Fawaz Al Hokair’s Egyptian unit, Marakez, has pre-paid in full an EGP 2 bn credit facility for Mall of Arabia extended by CIB and other banks, Marakez announced yesterday (pdf). Marakez took out the facility in 2008, and its pre-payment allows the Mall of Arabia to now operate without debt, Marakez will now push forward with an aggressive expansion plan that includes two residential projects, one each in east and west Cairo, as well as two new malls. The closeout of the facility is “a vote of confidence from [Marakez’s] shareholders in the Egyptian real-estate sector and a reaffirmation of the strength and stability of the Egyptian economy on the back of the government’s recent economic reform program,” the company said.

Phase two of Mall of Arabia will be open by the end of this month, adding another 40k sqm of gross leasable area (GLA) to the facility’s current 110k footprint. Brands opening in the new phase include Ikea, Polo Ralph Lauren and New Balance. The company is simultaneously developing the Mall of Tanta (45k sqm of GLA) and Mall of Katameya (100k sqm of GLA).

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