Saudi Fawaz Alhokair arm inks $91mn facility to develop its Egyptian project

Marakez for Real Estate Investment, the Egyptian arm of Saudi conglomerate Fawaz Alhokair, is has signed a loan agreement for first phase of its latest commercial project; Mall of Katameya.

The 1.5 billion Egyptian pounds ($90.9 million)  facility from Banque Misr, Banque du Caire, Arab African Bank, Misr Iran Development Bank, and Arab International Bank will allow Marakez to begin the mall’s construction works.

Located in in New Katameya – East of Cairo – over 420,000 square metres, the mall aims to serve various neighborhoods in Heliopolis, Maadi, Mokattam, Nasr City, and New Cairo.

The entirety of District 5, in which the mall is located, also includes a residential complex, District Five Residences, with 1,800 state-of-the-art town houses and apartments, as well as, office spaces.

“This facility is a significant step towards the realization of our latest project in New Cairo; Mall of Katameya” said Marakez chief executive Basil Ramzy on Sunday.

“Our success in developing new concepts such as The Park, together with the opening of Ikea at Mall of Arabia and Mall of Tanta in September, have given us the confidence to press ahead with our most ambitious project so far: Mall of Katameya at District 5,” Ramzy added.

Moreover, Marakez is executing a strategic investment plan in Egypt worth more than 17 billion pounds, focusing on key projects in Cairo and other governorates.

The company’s latest projects include Mall of Tanta – opening this September- which will be the governorate of Gharbeya’s first internationally modeled mall and the largest mall in the Delta region, and Mall of Mansoura – which is due to open in 2021.