Leading Egyptian real estate developer Talaat Moustafa Group (TMG) has signed a partnership with AZADEA Group to bring 13 new brands to the Open Air Mall at Madinaty City, Egypt Today reported.
Formerly a suburb, Madinaty is an upscale, greener, less crowded area in Egypt. It was built in 2006 by Talaat Mostafa Group. It is located 33 kilometers on Cairo-Suez Road.
The mall has reportedly been operational in a “soft launch” mode since 2019 with the opening of two of its eight buildings.
The deal will grant AZADEA Group stores an area close to 10,000 square meters of land in Madinaty as it is projected to commence full-fledged operations in spring 2022.
It will further enhance the mall’s retail offering, providing shoppers with AZADEA Group’s lineup of internationally renowned brands.
The brands include Zara, Zara Home, Oysho, Pull & Bear, KIKO Milano, Sunglass Hut, Stradivarius, Lefties, Virgin Megastore, Massimo Dutti, Bershka, PAUL and The Butcher Shop and Grill.
TMG Group Chief Business Development Officer Omar Hisham Talaat and AZADEA Group Country Manager Saif Salem represented both companies at the deal-signing ceremony.
Talaat Moustafa Group
TMG is one of the largest conglomerates in Egypt, founded by the late Talaat Moustafa in 1974. As of 2019, the company recorded a revenue of EGP 11.7 billion ($744.7 million).
Currently controlled by the Talaat Moustafa family, who owns a 51-percent stake in the business, the group is known for its integrated communities, including mixed-use real estate and hospitality projects in Egypt.