Marakez, Emirates NBD Egypt lining up to develop Mall of Arabia
Marakez for Real Estate Investment, the Egyptian arm of Saudi conglomerate Fawaz Alhokair, on Monday has signed a long-term loan deal of 395 million Egyptian pounds ($24.5 million) with Emirates NBD Egypt to develop Mall of Arabia.
The facility will be used to finance Mall of Arabia’s new development plans, including the development of Cairo’s first in-mall IKEA store in Western Cairo with a gross leasable area of 22,000 square metres.
Marakez’s chief executive Basil Ramzy said, “Our cooperation reflects Emirates NBD’s great confidence in marakez and its subsidiaries. It also confirms that we are moving steadily towards becoming the largest mixed-use real estate development company in Egypt that develops shopping malls according to the highest international standards.”
Ramzy added that this facility represents a significant step in implementing the company’s EGP 17bn strategic investment plan in the Egyptian market.
“Providing such credit facilities aligns with the bank’s willingness to extend financing major projects in the Egyptian market as part of its strategy to expand all economic sectors,” said Amr Azab, head of corporate banking at Emirates NBD-Egypt.
“This step comes under the bank’s efforts to support the Egyptian economy and reflects the expansion policy of Emirates NBD Group in Egypt, following the acquisition of BNP Paribas Egypt in 2013.
The bank succeeded in doubling the size of its corporate loan portfolio by an average accumulative annual growth rate of 44 percent through focusing on funding infrastructure and urban development projects.”
In 2019, Marakez launched the second phase of Mall of Arabia under the name “The Expansion” providing mall visitors with an unprecedented shopping experience by adding 40,000 square meters of leasable space.
This expansion offers a diverse mix of local and international brands, restaurants, and cafes as well as The Park.
Source: Daily news Egypt