Memaar Al-Ashraf for Real Estate Development has announced the signing with JARA for Property and Facility Management to manage and operate THE CORE Mall, Memaar Al-Ashraf’s latest project in the most distinguished area in New Cairo.
The contract was signed between the two sides, Engineer Ahmed Amin Masoud, CEO of Memaar Al Ashraf, and Engineer Hassan Al-Zonfoly, CEO of JARA.
Engineer Ahmed Amin Masoud praised the cooperation with JARA, stressing that it is one of the largest companies locally and internationally, and has a strong and successful business history in the Egyptian market.
He added that THE CORE Mall uniqueness lies in being the first project in New Cairo that includes rental units for international brands and is a golden investment opportunity for all customers, and the first and largest commercial mall serving a densely populated area in the heart of the Lotus, stressing that
cooperation with JARA will have a massive echo in the Egyptian real estate market.
The project is completely commercial on an area of 3500 SQM with investments of about 300 million pounds and expected sales of 500 million pounds. It is characterized by a genius design that guarantees a distinct view of all units and the main street.
For his part, Eng. Hassan Al-Zonfoly, JARA’s CEO, welcomed the cooperation with Memaar Al-Ashraf, as it is one of the largest real estate development companies in Egypt and has a great history in the Egyptian market with great successes.
He added that JARA has great experience and a strong previous history in managing and operating commercial projects with a different idea, addinf further benefits and value to the project.
Memaar Al-Ashraf has more than 42 years of experience in the Egyptian market, during which it has excelled in achieving many successes and launching distinguished projects in downtown and new cities. It also owns 80% of the administrative commercial lands in New Obour City, and has developed two commercial projects under trial operation.