IKEA to open its second store in Egypt
MARAKEZ for Real Estate Investment, the Egyptian arm of Saudi conglomerate Fawaz Alhokair, recently signed a preliminary agreement with Al-Futtaim Misr for Retail to open the first IKEA store in West Cairo at the Mall of Arabia.
This will be the Swedish retailer’s second store in Egypt and follows on the heels of its successful entry into Cairo Festival City in 2013.
The IKEA Store at Mall of Arabia will encompass 20,000 sqm of retail space fully integrated within the Mall of Arabia, aiming for an opening date at the end of 2020.
“As Egypt’s economy recovers, supported by prudent economic policies and initial reforms aimed at addressing the major challenges of recent years, foreign investors and international brands are once again showing interest and confidence in the Egyptian economy,” said Ahmed Badrawi, chief executive of MARAKEZ.
“Many global brands, such as IKEA, are reviving their expansion plans in Egypt, by far the largest consumer market in the region,”
“We are confident IKEA will be a great addition to the development of our second phase at Mall of Arabia and will enhance the visitor experience for all our customers.”
Vinod Jayan, IKEA’s Managing Director for UAE, Qatar, Egypt, and Oman, said: “Following the success of our Cairo Festival City Store, we are delighted to be expanding our retail offerings by opening our second Store in Egypt, and our first store in West Cairo. We look forward to this continued success and welcoming the wider community into our stores.”
Launched in December 2010, Mall of Arabia was established over 110,000 sqm of gross leasable area. With anchors such as Spinney’s, Cinema-plex, and Billy Beez as well as Zara, Centrepoint, and Red Tag; Mall of Arabia welcomes more than 15 million visitors a year from across the country and around the world.
The new signing strengthens MARAKEZ’s expansion plans at the Mall of Arabia. The Expansion will provide the Egyptian market with the ultimate retail experience, providing a further 40,000 square metres of gross leasable area.
The expansion promises a diversified mix of flagship stores, local and imported brands, entertainment, event venues, fine dining, al-fresco cafes, and most importantly, the first-of-its-kind in the region, an in-mall park covering eight acres, MARAKEZ said in a statement on Tuesday.
The expansion will further position the mall as the ultimate go-to retail and entertainment destination in West Cairo.