MARAKEZ for real estate investment, the Egyptian arm of Saudi Arabian conglomerate Fawaz Alhokair Group, signed a memorandum of understanding with Al-Futtaim Misr for Retail to open the first IKEA store in west Cairo at the Mall of Arabia.
According to the press statement issued, this will be the Swedish retailer’s second store in Egypt and follows on the heels of its successful entry into Cairo Festival City in 2013.
The new IKEA store will encompass 20,000 sqm of retail space fully integrated within the Mall of Arabia, aiming for an opening date in end 2020.
“As Egypt’s economy recovers, supported by prudent economic policies and initial reforms aimed at addressing the major challenges of recent years, foreign investors and international brands are once again showing interest and confidence in the Egyptian economy,” said Ahmed Badrawi, CEO of MARAKEZ.
“Many global brands, such as IKEA, are reviving their expansion plans in Egypt, by far the largest consumer market in the region. We are delighted that Al-Futtaim has selected MARAKEZ as its strategic partner in this venture, recognising the strength of the Mall of Arabia offering and its unparalleled location. We are confident IKEA will be a great addition to the development of our second phase at Mall of Arabia and will enhance the visitor’s experience for all our customers,” Badrawi added.
On the other hand, Vinod Jayan, managing director of IKEA UAE, Qatar, Egypt, and Oman, said that his company is delighted to be expanding their retail offerings by opening a second store in Egypt.
According to the statement, the new signing strengthens MARAKEZ’s expansion plans at the Mall of Arabia. The expansion will provide the Egyptian market with the ultimate retail experience, providing a further 40,000 sqm of gross leasable area.