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Tuesday, 9 April 2019

Marakez to build mall in Egypt’s Mansoura City

Coming soon: Mall of Mansoura: Marakez Real Estate Investment has purchased a 47-acre plot in Mansoura City from the Internal Trade Development Authority (ITDA) to develop a mall, according to an emailed statement (pdf). The EGP 1.4 bn facility, which is due to open its doors in 2021, is expected to create 10k jobs and feature a range of retail, hypermart, cinema, food / dining and entertainment options along with some 1.5k parking spots. The release did not name anchor tenants, but noted the mall will include international brands as it aims to become a hub for Delta residents, “including the 7 mn people living in Dakahlia.”

This is Marakez’s second foray out of the Greater Cairo Area after the Mall of Tanta, which is expected to open in 3Q2019. The commercial developer is looking to invest over EGP 15 bn over the coming period as part of its expansion plans. “These areas are in need of tangible development and investment to serve the necessities of the local population,” said our friend Dasha Badrawi, executive vice chairman at Marakez.

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