Amer Malls, part of Amer Group, signed a contract today in Porto Cairo Mall with Saudi-based Othaim Holding, to construct a recreational area for children in Porto Cairo Mall.
Othaim Holding is one of the major Saudi companies in the field of leisure cities and shopping malls.
Haitham Abdel Azim, Managing Director, signed on behalf of Amer Malls, while Fahd Othaim, CEO of Othaim Holding, signed the Saudi side of the agreement.
Othaim said after the signing that his group aims to launch its first operations in Egypt with Porto Cairo Mall, citing Amer Group’s ability to attract large numbers of customers to its projects. He added that it has contracted with a major international company to supply the latest recreational equipment for this project, which is expected to be inaugurated within four months, at a cost of EGP 60m.
The signing was attended by Mansour Amer, CEO, and Omar Amer, Managing Director of Amer Group.
The agreement coincides with Amer Group’s General Assembly approved decision on 17 December to split the company into two groups: Amer Group and Porto Group. The launch of the latter’s activities from commercial centres, hotels, restaurants, real estate and others was marked in 2015.
Mansour Amer expressed his pleasure regarding the credit rating for the bonds securitisation portfolio for Amer Group, which had received a credit rating of AA+ from Middle East Rating & Investors Service (MERIS). Amer added this is the first time in Egypt that a real estate bond securities portfolio is launched, and it opens the door for funding for real estate companies in general and Amer Group and Porto Group in particular.
