(Public domain photo)
Cairo International Airport will initiate bidding among marketing companies to take advantage of Airmall’s out-of-operation areas and boost revenues over the coming fiscal year, according to the company’s chairman, Mohammed Kamel.
Kamel explained that the building had been nearly abandoned after all lessees left due to the difficult tourism situation following the 25 January Revolution. He mentioned that the mall’s construction costs amount to approximately EGP 200m, and that the building’s area is 4,000 square metres. It consists of a basement divided into a group of storerooms, a ground floor with 10 stores, and a first floor that encompasses wide spaces of stores that are currently not operating commercially. The Airmall also boasts 1,700 square metres of green space.
Several months ago, Cairo International Airport cut electricity and water lines to the mall because lessees had failed to pay rent.
Mohammed Kamel said that the company spoke with airline and tourism companies in an attempt to attract new lessees to take advantage of stores no longer operating in the mall, but the company has not received any responses thus far.
He mentioned that the rent value of spaces within the Airmall will be determined according to the required space and the activities that the interested company will undertake. Cairo International Airport’s profits for the last fiscal year amounted to EGP 1.8bn, while expenses reached EGP 1.6bn. The company brought in profits of approximately EGP 184m.
Translated from Al Borsa newspaper.
