Fawaz Alhokair plans Egypt expansions

Saudi Arabia’s Fawaz Alhokair Group is looking to set up three new malls in Egypt’s new administrative capital, New Cairo, as well as the city of Tanta, through the Egyptian Centers for Real Estate Development Co.

A delegation from the mall developer met with Egyptian investment minister Sahar Nasr Thursday to discuss ongoing and new investments in Egypt, the minister’s office said in a statement.

Alhokair also plans to complete the second phase of Mall of Arabia in 6 October City with an additional EGP 1.2 billion. The group has already injected EGP 4 billion in the first phase of the project.

Fawaz Alhokair Group runs several companies including Saudi-listed Fawaz Al-Hokair Co., owns 2,100 stores in 16 countries, and 16 shopping malls. The company currently owns 1.6 million square meters of retail property.