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City Edge Developments has signed a nine-year agreement with a consortium. The consortium comprises Al Ashraaf Developments, SAM Developments, and AWG.
The deal covers leasing and operating Mazarine Boulevard in New Alamein City.
The agreement is part of City Edge's strategy to enhance the operational and investment value of its projects.
It also supports the company's goal of developing integrated destinations combining commercial, entertainment, and service activities.
Under the agreement, the consortium will be responsible for leasing and operating the mixed-use commercial promenade.
The focus will be on attracting a diverse range of brands and activities. This includes developing a tenant mix suited to the project's location and target visitors.
About Mazarine Boulevard
Mazarine Boulevard is located within the Mazarine development in New Alamein City. It offers a mix of retail, food and beverage, services, and entertainment activities.
Brands already leasing units at Mazarine Boulevard include Marly, Glamour Jewellery, EspressoLab, and Delizia Gelato. Other tenants include Fun Key, Rose Paris, Happy Vision, Tabali, Mahmoud Elfar, SeelaZ, Habitat, and Voila.
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What the Partners Said
Tamer Nasser is CEO of City Edge Developments. He said the agreement supports the company's strategy of working with specialised partners experienced in managing and operating commercial destinations.
He added that the partnership aligns 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 is Chairperson of Al Ashraaf Developments. He said the consortium's nine-year exclusive leasing and operation mandate reflects the partners' confidence in managing commercial destinations under a long-term strategy.
He added that the consortium will focus on building a diversified tenant mix to support commercial activity and provide an integrated experience for residents and visitors.
Samer El Beik is Founder and Board Member of SAM Developments. He said the partnership aims to maximise the value of the commercial assets, rather than focusing solely on occupancy rates.
He added that the consortium will select brands and activities capable of generating sustainable footfall while maintaining a diverse tenant mix.
Abdel Basir Wahba is Chairperson of AWG. He said the partnership seeks to leverage the project's location in New Alamein.
This will be done by creating a commercial destination that combines diverse activities with established brands.
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What Comes Next
The consortium plans to continue attracting additional brands and activities. It will also develop a long-term leasing and operation strategy.
This is aimed at supporting commercial activity throughout the year at Mazarine Boulevard.
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