City Edge signs nine-year deal to lease and operate Mazarine Boulevard in New Alamein
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City Edge Developments has awarded a nine-year mandate to a consortium of Al Ashraaf Developments, SAM Developments and AWG to lease and operate the Mazarine Boulevard commercial promenade in New Alamein City.
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, as the developer moves to lift the operational and investment value of its commercial assets.
Under the agreement, the consortium will be responsible for leasing and operating the mixed-use commercial promenade, focusing 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 sits within the Mazarine development in New Alamein City and offers a mix of retail, food and beverage, services and entertainment.
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 aligns with state efforts to develop integrated and sustainable fourth-generation cities, with New Alamein cited as an example of that 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, with a focus on building a diversified tenant mix. 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.