Sabour Group for Investment declared reopening “Arkadia Mall” by the beginning of 2013 -with an investment cost of 150 million EGP- , after the conflagration that ruined the mall in January 2011.
Ahmed Sabour – CEO of Al Ahly for Real Estate Development – said that maintenance cost of the mall was too high, as he added that the insurance amount determined by the company that insured the mall; was just 90 million EGP, and the company has borne the difference in the cost of maintenance.
He mentioned that the company has not received the insurance amount till now, as it contracted with insurance firm that provide the most advanced techniques of security and insurance, and that’s what added new financial burdens on the company.
Sabour said the company’s losses –because of the shoplifting- was too high, as these thefts resulted in halting the mall’s operations and robbing revenues, in addition to the indirect losses represented in stopping the shops’ monthly revenues.
Sabour added that the maintenance operations included considering the security factor as a principal one, as the company has sorted to experts of this field to secure the mall, and also using advanced methods to avoid repeating this scenario.