Cairo - The well-known Saudi Fawaz Alhokair Group intend to improve its existence in the Egyptian market and diversify its investment portfolio by adding residential activity to its existing commercial portfolio, by increasing its branches in the Mall of Arabia. The chief business development officer at MARAKEZ, Ashraf Farid, said in a statement that Saudi group depends on MARAKEZ in its expansion in Egypt as it represents the group's investment arm in the local market. Farid further added that Egyptian market is one of the biggest markets for the group, that's why they established Mall of Arabia in 6th of October City in 2007, which become the largest shopping centre in Egypt. The company also plans to inaugurate the second phase of Mall of Arabia in September with investments amounting to EGP 1bn. The rentable spaces that will be added include 40,000 square metres, he added.
