Egyptian real estate developer City Edge has signed an agreement with a coalition of Al-Ashraf Group, Sam Development, and AWG for the leasing and operation of Mazarin Boulevard in New El Alamein. The 9-year deal aims to maximize the project's operational and investment value. City Edge is implementing a strategy to collaborate with specialized entities to manage and operate commercial destinations. This partnership aligns with the state's vision for developing fourth-generation cities.
Mazarin Boulevard is a multi-use commercial promenade in New El Alamein, offering a mix of commercial, service, and entertainment activities. The project is a key component of the city's commercial destinations. City Edge's partnership with Al-Ashraf Group, Sam Development, and AWG aims to attract various brands and activities. The goal is to provide a comprehensive experience for residents and visitors, supporting the city's commercial and investment growth.
Tamer Nasser, CEO of City Edge, stated that the agreement is a significant step in the company's strategy to maximize operational value through partnerships with experienced entities. The collaboration aligns with Egypt's vision for sustainable cities, and New El Alamein is a prime example. The partnership aims to create a distinctive commercial and entertainment destination, adding value to the city's experience and supporting growth opportunities for brands and investors.
Ahmed Amin Masoud, Chairman of Al-Ashraf Group, noted that securing the 9-year leasing and operation rights for Mazarin Boulevard reflects confidence in the coalition's expertise. The partnership targets creating a strong mix of brands and activities to enhance the project's commercial value and provide a comprehensive experience for residents and visitors. New El Alamein has become a significant urban and tourist destination in Egypt, offering substantial opportunities for commercial and entertainment projects.
Samer El-Baik, Founder and Board Member of Sam Development, emphasized that the partnership focuses on maximizing the real value of commercial assets. The coalition prioritizes selecting brands and activities that create sustainable movement within the project and provide real value to visitors. A plan is in place to attract a distinguished group of brands while maintaining tenant mix diversity.
Abdel Basser Wahba, Chairman of AWG, stated that the partnership aims to maximize the project's potential by offering a comprehensive commercial experience. The tenant mix composition is a crucial factor in the project's success. The selection of brands and activities will be based on a vision that meets visitors' needs and enhances commercial movement, supporting the project's sustainability and ability to attract visitors year-round.
Several prominent brands have already leased units in Mazarin Boulevard, including Marly, Glamour Jewellery, EspressoLab, and Delizia Gelato. The project will continue to attract more brands and activities, enhancing its services and appeal to residents and visitors. The 9-year agreement allows for a long-term plan for leasing and operation, ensuring the project's commercial experience quality is maintained.
Key points
- City Edge signs 9-year agreement with Al-Ashraf Group, Sam Development, and AWG for Mazarin Boulevard in New El Alamein.
- Partnership aims to maximize project's operational and investment value through collaboration with experienced entities.
- Mazarin Boulevard offers a mix of commercial, service, and entertainment activities, supporting New El Alamein's growth as a commercial and tourist destination.
