Orascom-BESIX joint venture wins contract to build shopping complex in Cairo
A joint venture between Orascom Construction (OC) and the BESIX Group has been awarded by Majid Al Futtaim Properties a $400m contract to build a shopping complex in the Egyptian capital, Cairo.
The $800m Mall of Egypt, which will be built on 399,400 m2 of land on Al Wahat Road in Sixth of October City outside of Cairo, will offer 162,500 m2 of Gross Leasable Area (GLA) and will host approximately 380 shops, anchored by a Carrefour hypermarket, indoor Ski Park, 17-screen cinema complex, and an amusement park.
Pending the approval by the Sixth October Authority, the JV will build the project on a lump sum fixed price basis. Construction will start after the final building permit is secured, expected by end of 2012.
Dubai-based Majid Al Futtaim opened their first mall in Egypt in 2002. Maadi City Centre offers 31,351 m2 of GLA and has 97 retailers and in 2003 the group opened the Alexandria City Centre,which accommodates 211 retailers in over 61,774 m2 of GLA.