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Saudi Alhokair unit plans to build mall in Egypt


Marakez for Real Estate Investment, a unit of Saudi group Fawaz Abdulaziz Alhokair, is set to develop a new shopping mall in Salam City on the Cairo-Ismailia road at an investment of E250 million ($15 million), said a report.

A leading real estate developer in Egypt, Marakez boasts a complete portfolio of residential, commercial, entertainment and retail projects.

The mall will feature both open-air areas and retail stores, reported Al Shorouk, citing a senior company official.

The Saudi Alhokair subsidiary is also looking to acquire land in Assiut for its plans to bring more of its shopping malls outside Cairo, said its Chief Business Development Officer Ashraf Farid.

Marakez will pump in more than E£15 billion ($916 million) into its flagship project - Mall of Arabia in 6 October - over the coming period for further expansion, he added.


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