Bloomberg News

Damac Properties Says Cairo Shopping Mall Will Open This Year

April 03, 2012

Damac Properties Co., a Dubai-based developer that filed an arbitration lawsuit against Egypt last year, said its shopping mall in Cairo is due to open by the end of the year.

Park Avenue’s 657 stores are being fitted out by retailers, Niall McLoughlin, Damac’s senior vice president, said by phone today. “We will be targeting the fourth quarter for operations.”

The shopping center will also have 84 offices, which are still under construction, McLoughlin said. The 120,625 square- meter (1.3 million square-foot) project will also include 2,050 parking spaces, the closely held company said in an e-mailed statement today.

Damac filed an arbitration lawsuit in Washington in May 2011 after the Egyptian government seized land the company purchased in 2006 and sentenced Chairman Hussain Sajwani to five years of hard labor. An Egyptian court stripped the developer of 30 million square meters of land on the Red Sea coast amid legal challenges to land deals made under President Hosni Mubarak, who was ousted in February 2011 after 30 years in power.

To contact the reporter on this story: Zainab Fattah in Dubai on zfattah@bloomberg.net.

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net.


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