MARAKEZ for Real Estate Investment, the Egyptian arm of Saudi Arabian conglomerate Fawaz Alhokair Group, recently signed a Memorandum of Understanding with Al-Futtaim Misr for Retail, to open the first IKEA store in West Cairo at the Mall of Arabia. This will be the Swedish retailer’s second store in Egypt and follows on the heels of its successful entry into Cairo Festival City in 2013.
The IKEA Store at Mall of Arabia will encompass 20,000sqm of retail space fully integrated within the Mall of Arabia, aiming for an opening date at the end 2020.
“As Egypt’s economy recovers, supported by prudent economic policies and initial reforms aimed at addressing the major challenges of recent years, foreign investors and international brands are once again showing interest and confidence in the Egyptian economy,” said Ahmed Badrawi, CEO of MARAKEZ. “Many global brands, such as IKEA, are reviving their expansion plans in Egypt, by far the largest consumer market in the region. We are delighted that Al-Futtaim has selected MARAKEZ as its strategic partner in this venture, recognising the strength of Mall of Arabia offering and its unparalleled location. We are confident IKEA will be a great addition to the development of our second phase at Mall of Arabia and will enhance the visitor experience for all our customers.”
Vinod Jayan, Managing Director – IKEA UAE, Qatar, Egypt and Oman commented, “Following the success of our Cairo Festival City store, we are delighted to be expanding our retail offerings by opening our second store in Egypt, and our first store in West Cairo. We look forward to this continued success and welcoming the wider community into our stores.”