News Column

Arabian Centres

June 7, 2014



Project Status : Active Project Location : Egypt Country : Egypt Project number : 45408 Business sector: Property Public/Private: Private Environmental category: B Target Board date:25 June 2014 Status: Passed concept review, Pending final review PSD disclosed: 22 May 2014 Project Description : The EBRD is considering a senior loan of up to USD 60 million to support the development and operation of a master plan development in the centre of the 6th of October City, namely its first phase which consists of a retail and entertainment centre and represents a footfall generator of the whole master development. Future phases include affordable residential buildings and a business hotel. The proceeds of the Loan will be used to support the completion of the retail and entertainment centre (the Project ), which is forming the heart of the future development and represents an integral part of the wider master plan of the 6th of October City; currently being developed by Egyptian Centres for Real Estate Development (the Company ). The Project is partially operational, since March 2011, and currently has a total gross leasable area ( GLA ) of about 110,000 sqm. Once the phase under development is completed, the Project will consist of approximately 174,000 sqm of retail and entertainment area, comprised of over 520 stores, and parking for over 7,500 cars. The goals of the project are: i) To support the urban development of the 6th of October City, thus stimulating further investment in Egypt as an important market in the region. ii) To provide international quality retail and entertainment space, attracting residents and workers from the industrial zones in 6th of October City and surrounding areas. iii) To help provide access to training and offer career opportunities to unemployed youth and women in the area. Finally, through the Project, the Bank is encouraging Foreign Direct Investment in Egypt. Transition Impact : The Project s transition impact will most likely stem from the following: Systemic inclusion impact through the creation of vocational training standards in the retail and service sectors in Egypt coupled with career placement opportunities. Skills transfer to the local workforce. Setting standards, mainly through demonstration of energy efficient building techniques and improvement of environmental, health and safety standards in the sector. The Client : Egyptian Centers for Real Estate Development, a private shareholding company, incorporated in Egypt. The client is directly owned by the AlHokair family. EBRD Finance : A senior loan of up to USD 60 million. Project Cost : USD 207 million. Environmental Impact : Screening Categories The Project was categorised B by EBRD, which means that an environmental and social analysis was required by the Bank, in accordance with the 2008 Environmental and Social Policy and Performance Requirements (http://www.ebrd.com/about/policies/

Project completion date : 2015-05-31 12:00:00

Major organization : ALHOKAIR FAMILY

Address : Saudi Arabia Website : http://www.alhokair.com/ Contact : Zaher Fattouh



Country :Saudi Arabia

Email : Zaher.fattouh@alhokair.com.sa

Financier : European Bank for Reconstruction and Development (EBRD),

Financier address : Financier: European Bank for Reconstruction and Development (EBRD) One Exchange Square London EC2A 2JN United Kingdom Website : http://www.ebrd.com/


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Source: TendersInfo (India)


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