Marakez, a subsidiary of Saudi Arabia’s Fawaz Abdulaziz Alhokair, has injected investments worth EGP 1.2 billion in Mall of Tanta, the real estate developer’s vice chairman, Ahmed Badrawi, said.
Located in the Egyptian governorate of Gharbia, the new project is expected to be inaugurated in August, Badrawi added.
The mall is spanning over an area of 33 feddans with construction area of 60,000 square metres and leasable area of 40,000 square metres.
The project is 50% self-financed and the remaining 50% are financed by banks, he added.
On a side note, Badrawi affirmed the completion of the second phase of Mall of Arabia with leasable area of 40,000 square metres and investments of EGP 1 billion.
In addition, Mall of Katameya will be inaugurated in 2020 with investments of more than EGP 4 billion, he added, pointing out that an amount of less EGP 1 billion has been spent since the beginning of implementation in 2018.
Marakez is also expected to sign a new contract to establish a new mall in Mansoura next week, Badrawi revealed.