Cleopatra: EGP1bn Mall of October Ready in Mid-2016

Egypt’s largest ceramics maker Cleopatra Group intends to launch a mall in 6th of October City worth 1 billion Egyptian pounds (US$139.8 million) by mid-2016, chairman Mohamed Abou el-Enein announced.

Speaking to Amwal Al Ghad on Wednesday, Abul-Enein said the new planned mall would be 50% self-financed and the rest would be through banking loans.

“The mall is part of the Group’s bunch of new investments to be pumped in the coming period.” the businessman said.

He further revealed that Cleopatra currently plans to pump 400 million pounds into new investments for tourist and real estate expansions within the upcoming period. The group is expected to finish pumping these investments at the middle of 2015, he added.

Moreover, Abul-Enein noted that the Group’s investments are designated to maximise factories’ production capacity since the last three years witnessed the lowest production rate due to electricity and energy crisis.