City Edge Developments has signed a nine-year agreement with a consortium comprising Al Ashraaf Developments, SAM Developments, and AWG to lease and operate Mazarine Boulevard in New Alamein City. This agreement is part of City Edge's strategy to enhance the operational and investment value of its projects and develop integrated destinations combining commercial, entertainment, and service activities. Mazarine Boulevard is a mixed-use commercial promenade offering retail, food and beverage, services, and entertainment activities.
Under the agreement, the consortium will be responsible for leasing and operating Mazarine Boulevard, focusing on attracting a diverse range of brands and activities. The consortium aims to develop a tenant mix suited to the project's location and target visitors. Tamer Nasser, CEO of City Edge Developments, stated that the agreement supports the company's strategy of working with specialized partners with expertise in managing and operating commercial destinations.
The partnership is aligned with the state's efforts to develop integrated and sustainable fourth-generation cities, with New Alamein serving as an example of this approach. Ahmed Amin Massoud, Chairperson of Al Ashraaf Developments, mentioned that the consortium's nine-year exclusive leasing and operation mandate reflects the partners' confidence in its ability to manage commercial destinations under a long-term strategy.
The consortium plans to focus on building a diversified tenant mix to support the project's commercial activity and provide an integrated experience for residents and visitors. Samer El Beik, Founder and Board Member of SAM Developments, stated that the partnership aims to maximize the value of the commercial assets rather than focusing solely on occupancy rates.
The consortium will select brands and activities capable of generating sustainable footfall while maintaining a diverse tenant mix suited to Mazarine Boulevard and its location. Abdel Basir Wahba, Chairperson of AWG, mentioned that the partnership seeks to leverage the project's location in New Alamein by creating a commercial destination combining diverse activities and established brands.
Several brands have already leased units at Mazarine Boulevard, including Marly, Glamour Jewellery, EspressoLab, Delizia Gelato, Fun Key, Rose Paris, Happy Vision, Tabali, Mahmoud Elfar, SeelaZ, Habitat, and Voila. The consortium plans to continue attracting additional brands and activities while developing a long-term leasing and operation strategy aimed at supporting commercial activity throughout the year.
The partnership between City Edge Developments and the consortium is expected to enhance the commercial value of Mazarine Boulevard and contribute to the development of New Alamein City. The agreement is a significant step towards achieving the state's goals for sustainable urban development.
Key points
- City Edge Developments has signed a nine-year agreement with a consortium to lease and operate Mazarine Boulevard in New Alamein City.
- The consortium will focus on building a diversified tenant mix to support the project's commercial activity and provide an integrated experience for residents and visitors.
- Several brands have already leased units at Mazarine Boulevard, and the consortium plans to continue attracting additional brands and activities.
