Marakez, the Egyptian subsidiary of Saudi Arabian conglomerate Fawaz Alhokair Group, signed a build, own, operate, and transfer (BOOT) contract with the National Central Cooling Company (Tabreed) and the Egyptian Company for Energy and Cooling Projects (Gascool) to provide district cooling services to D5M, the first mall in New Katameya in East Cairo that’s opening in 2022.
Marakez is setting the benchmark for mixed-use developments in Egypt with construction of D5M, the commercial component of District Five currently nearing completion. District 5 is Marakez’s latest development in Egypt and its signature project in East Cairo. D5 features Mindhaus, a world-class 240,000 sqm office park with thoughtful spaces for community engagement and D5M, the first mall in New Katameya encompassing 100,000 sqm for retail, F&B and entertainment and 50,000 Gross Leasable Area (GLA) all located within walking distance to the exclusive 1,800 residential units of District Five Residences.
Marakez and its partners are constructing the D5M district cooling plant in stages, aiming to be fully operational before the end of 2023. Tabreed will be the lead partner owning 60% equity with Gascool owning 40%. The plant’s operational capacity will be 6,000 refrigeration tons (RT), with a total installed capacity of 7,500 RT.
Marakez’s total investments for its current projects in Egypt exceed EGP 21bn of which, EGP 11bn have already been invested with EGP 10bn to be invested in the coming three years.