City Edge Developments has entered into a nine-year agreement with a consortium to lease and manage Mazarine Boulevard, a mixed-use commercial promenade in New Alamein City. The deal involves a partnership with Al Ashraaf Developments, SAM Developments, and AWG.
Agreement Terms
The consortium holds an exclusive mandate to operate the site, which features retail, dining, and entertainment spaces. City Edge CEO Tamer Nasser stated the partnership aligns with company goals to collaborate with specialized firms to manage commercial destinations. The agreement supports broader state initiatives to develop sustainable fourth-generation cities.
Operational Strategy
The consortium plans to curate a tenant mix designed to generate consistent foot traffic. According to Samer El Beik of SAM Developments, the strategy prioritizes asset value over simple occupancy rates. Current tenants include EspressoLab, Glamour Jewellery, and Habitat. AWG Chairperson Abdel Basir Wahba noted the group intends to attract additional brands to ensure year-round commercial activity. Ahmed Amin Massoud of Al Ashraaf Developments cited the long-term nature of the contract as evidence of the partners’ commitment to the project.
Current Status
The consortium is now managing operations at Mazarine Boulevard, focusing on long-term leasing strategies to integrate the destination into the New Alamein market.