City Edge Developments has signed a nine-year agreement with a consortium comprising Al Ashraaf Developments, SAM Developments, and AWG to lease and operate Mazarine Boulevard in New Alamein City.
The agreement is part of City Edge’s strategy to enhance the operational and investment value of its projects and develop integrated destinations combining commercial, entertainment, and service activities.
Under the agreement, the consortium will be responsible for leasing and operating the mixed-use commercial promenade, with a focus on attracting a diverse range of brands and activities and developing a tenant mix suited to the project’s location and target visitors.
Mazarine Boulevard is located within the Mazarine development in New Alamein City and offers a mix of retail, food and beverage, services, and entertainment activities.
Tamer Nasser, CEO of City Edge Developments, said the agreement supports the company’s strategy of working with specialised partners with expertise in managing and operating commercial destinations.
He added that the partnership is aligned with the state’s efforts to develop integrated and sustainable fourth-generation cities, with New Alamein serving as an example of this approach.
Ahmed Amin Massoud, Chairperson of Al Ashraaf Developments, said the consortium’s nine-year exclusive leasing and operation mandate reflects the partners’ confidence in its ability to manage commercial destinations under a long-term strategy.
Massoud added that the consortium will focus on building a diversified tenant mix to support the project’s commercial activity and provide an integrated experience for residents and visitors.
Samer El Beik, Founder and Board Member of SAM Developments, said the partnership aims to maximise the value of the commercial assets rather than focusing solely on occupancy rates.
El Beik said the consortium will select brands and activities capable of generating sustainable footfall while maintaining a diverse tenant mix suited to Mazarine Boulevard and its location.
For his part, Abdel Basir Wahba, Chairperson of AWG, said the partnership seeks to leverage the project’s location in New Alamein by creating a commercial destination combining diverse activities and established brands.
Brands already leasing units at Mazarine Boulevard include Marly, Glamour Jewellery, EspressoLab, Delizia Gelato, Fun Key, Rose Paris, Happy Vision, Tabali, Mahmoud Elfar, SeelaZ, Habitat, and Voila.
The consortium plans to continue attracting additional brands and activities while developing a long-term leasing and operation strategy aimed at supporting commercial activity throughout the year.
