Cairo: Emaar Misr, the wholly-owned Egyptian subsidiary of Dubai-based Emaar Properties, has unveiled the retail element of its Cairo Gate project – set to become to the largest mall in Egypt.
The mall represents the first phase of Cairo Gate, a mixed-use project being built at Emaar's Dh2.58 billion Cairo-Alexandria Desert Road project.
The mall will stretch over a gross leasable area of 250,000 square metres – a slightly larger area than Mall of the Emirates in Dubai – and will include restaurants, cafes and leisure outlets and retail outlets in an outdoor setting.
Two new hotels linked to the shopping mall are also being planned. Emaar Malls Group LLC, a wholly-owned subsidiary of Emaar Properties PJSC, will develop the mall in conjunction with Emaar Misr.
"Cairo Gate reiterates our commitment to the people of Egypt to create integrated lifestyle communities through our projects," said Mr Mohamed Ali Alabbar, Chairman, Emaar Properties.
"The outdoor shopping mall is a new concept to Egypt and with Cairo Gate we want to bring a new lifestyle experience to Egypt that will appeal to all sections of the society. The lifestyle and entertainment mall will be a magnet for greater investment inflow and also generate employment opportunities for Egyptians," he added.
Cairo Gate has a frontage of one kilometre along the Cairo-Alexandria Desert Road near the Smart Village commercial precinct and is additional to the residential, hospitality and commercial components of Emaar Misr's development, says Emaar.
The primary catchment areas, including 6 October City and Giza, have a population of more than six million residents, the company added.
"A strong shopping mall component is particularly important to Egypt, which is focused on long-term tourism growth strategies," said Sameh Muhtadi, CEO of Emaar Misr for Development.
In recent years Emaar has diversified into malls, education, healthcare, finance, industry and hospitality and leisure. Emaar Malls Group is developing 150 shopping malls in emerging markets in the Middle East and North Africa, the Indian Subcontinent and South Asia.
Emaar is the single largest foreign direct investor in Egypt's real estate sector and is developing the EGP 12 billion (AED 7.7 billion, US$2.1 billion) Uptown Cairo; and the EGP 9.92 billion (AED 6.39 billion, US$1.74 billion) Marassi, a 1,544-acre tourist and residential destination at Sidi Abdul Rahman.
Emaar Misr has announced the EGP 5.75 billion (AED 3.7 billion; US$1 billion) residential community located at the fifth district New Cairo City. Investor response to the launch of Uptown Cairo and Marassi has been overwhelming.