Egyptian real estate developer City Edge has signed an agreement with a consortium comprising Al-Ashraf Group, Sam Real Estate Development, and AWG, to manage and operate Mazarin Boulevard in New El Alamein. The 9-year deal aligns with City Edge's strategy to maximize the operational and investment value of its projects. The consortium will oversee leasing and operation, bringing expertise in managing commercial destinations.
Mazarin Boulevard is a multi-use commercial hub within New El Alamein, offering a mix of retail, service, and entertainment activities. City Edge's partnership with specialized entities aims to attract various brands and activities, providing a comprehensive experience for residents and visitors. The collaboration supports Egypt's vision for developing fourth-generation cities like New El Alamein.
Tamer Nasser, CEO of City Edge, emphasized that the agreement represents a significant step in maximizing operational value through partnerships with experienced entities. The deal aligns with the state's vision for sustainable urban development, with New El Alamein serving as a model. The partnership aims to create a premier commercial and entertainment destination.
Ahmed Amin Masoud, chairman of Al-Ashraf Group, noted that securing the 9-year lease and operation rights for Mazarin Boulevard reflects confidence in the consortium's expertise. The partnership seeks to create a diverse mix of brands and activities, enhancing the project's commercial value and providing a comprehensive experience for visitors.
Samer El-Baik, founder and board member of Sam Real Estate Development, highlighted the shared vision to maximize asset value through careful selection of brands and activities. The consortium focuses on creating sustainable movement within the project, offering value to visitors. A plan is in place to attract prominent brands while maintaining tenant mix diversity.
Abdelbasser Wahba, chairman of AWG, stated that the partnership aims to leverage the project's prime location in New El Alamein. The goal is to provide an integrated commercial experience combining diverse activities and quality brands. Tenant mix composition is crucial to a destination's success, with careful selection to meet visitor needs and enhance commercial activity.
Notable brands that have leased units in Mazarin Boulevard include Marly, Glamour Jewellery, and EspressoLab. The project will continue to attract brands and activities, diversifying services and enhancing appeal to residents and visitors. The consortium's strategy prioritizes selecting a balanced mix of brands and activities that add value to the project and support sustainable commercial activity.
Key points
- City Edge partners with Al-Ashraf, Sam, and AWG to manage Mazarin Boulevard in New El Alamein for 9 years.
