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Thursday, 19 September 2019

AlHokair’s Marakez looking for land for a mall in Egypt’s Assiut

Marakez for Real Estate Investment is planning to develop a new shopping mall in Salam City on the Cairo-Ismailia road at a cost of EGP 250 mn, Chief Business Development Officer Ashraf Farid said, according to Al Shorouk. The mall will feature both open-air areas and retail stores. The Fawaz AlHokair Group subsidiary is also looking to acquire land in Assiut for its plans to bring more of its shopping malls outside Cairo, Farid said, according to a separate news report. Marakez, whose flagship project is Mall of Arabia in 6 October, is looking to invest over EGP 15 bn over the coming period for its expansion plans, we noted earlier this year. The plans include Mall of Tanta — which opened its doors this month — a planned Mall of Mansoura and a mall in Minya.

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