Egypt’s leading property developer Amer Group has signed an agreement with Saudi Al-Othaim Group to establish an entertainment city in Porto Cairo Mall, chairman Mansour Amer announced on Saturday.
The entertainment city will be with investment cost of 60 million Egyptian pounds (US$8.4 million).
During a press conference in the presence of Al-Othaim’s CEO, Mansour Amer pointed out that the Saudi group would fully finance the establishment of the city on a land contributed by Amer Group.
From his part, Fahd bin Abdullah Al-Othaim- CEO of Al-Othaim Group – revealed his company’s keenness to have its first presence in Egypt through taking part in Amer Group’s Porto Cairo Mall project. This comes since Amer Group is known for its capability of alluring highest number of clients to its projects, Fahd noted.
Al-Othaim Group has contracted a major global company to receive topnotch equipment for the entertainment city, the Saudi businessmen added.
Moreover, Al-Othaim Group’s CEO said the city is expected to be inaugurated within four months.