MEMPHIS REISEN

Main Marks Developments signs agreement with Misr Company, Retaj Hotels for MORAY project – Dailynewsegypt

Main Marks Developments has entered into a strategic cooperation agreement with Misr Company for Property Investment and Project Management. The agreement pertains to the commercial section of the MORAY project under the usufruct system. Subsequently, Misr Company contracted with Qatari-based Retaj Hotels and Hospitality to manage and operate this commercial segment.

The signing ceremony took place at the headquarters of Retaj Hotels in Qatar, with key representatives in attendance: George Ghanem, CEO of Main Marks Developments; Mohamed Azzam, CEO of Misr Company; and Sheikh Nayef bin Eid Al Thani, Chairman and Managing Director of Retaj Hotels and Hospitality.

George Ghanem expressed his enthusiasm for this significant collaboration, emphasizing its potential to maximize project investment advantages. Main Marks Developments aims to launch a unique and innovative venture, having already secured a prime location in the Fifth Settlement of New Cairo.

The MORAY project marks Main Marks Developments’ debut in the Egyptian market. With investments exceeding EGP 30 billion, MORAY is a mixed-use development encompassing commercial, administrative, and medical spaces, as well as serviced units. These units cater to international brands targeted for inclusion in the project.

Spanning over 16.5 feddan, MORAY represents a transformative leap for New Cairo. Its 300-square-meter frontage along North Teseen Street underscores its prominence. The project adheres to professional design standards, ensuring exceptional quality and distinctiveness.

Main Marks Developments is a collaborative effort among three strategic partners: Wealth Developments, HTD Properties, Al Hayat Group, and the Emirati company Rawabi Al Ain. These entities collectively bring extensive real estate development experience from both Egypt and the UAE.

Mohamed Azzam, Chairperson of Misr Company, highlighted that their company secured the commercial portion of the MORAY project through the usufruct system for a decade. Retaj Hotels, a leading player in the field, was selected to manage and operate this segment. With a successful track record in the Qatari market, Retaj Hotels and Hospitality adds distinction to the MORAY project.

The commercial area within MORAY spans 50,000 square meters and comprises over 190 retail stores of varying sizes.

During the contract signing event in Doha, Qatar’s capital, Sheikh Nayef bin Eid Al Thani, Chairman and Managing Director of Retaj Hotels, expressed optimism about the partnership. Retaj Hotels and Hospitality brings its expertise to managing the commercial aspect of the MORAY project, enhancing its investment value. Sheikh Nayef emphasized their commitment to providing an exceptional experience for visitors and tenants alike.