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Thursday, 2 April 2020

AlHokair’s Marakez seeks USD 135 mn from IFC to build malls in Egypt, pay off debt

INVESTMENT WATCH- Marakez seeks USD 135 mn IFC loan to set up malls in Egypt, pay off debt: Marakez for Real Estate Investment is in talks with the International Finance Corporation (IFC) for a USD 135 mn loan to finance expansion plans in Egypt, the IFC said. Fawaz, Salman, and Abd Al Hamid Al Hokair — who fully own Marakez through holding company Fawaz AlHokair Group — plan to invest USD 45 mn in four new unspecified shopping malls. The brothers will spend the remaining USD 90 mn to pay off a loan they had taken from another of their subsidiaries, Fas Energy, to finance the first and second phases of Mall of Arabia.

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