CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79.75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open platformOpen platform

Egypt's Uptown 6 October signs deal for $108mln outlet mall project

By Zawya

By Marwa Abo Almajd

Egyptian developer Uptown 6 October for Development and Investment has signed a memorandum of understanding (MoU) with UK-based Fashion House Group (FHG) to support the development and operation of an international outlet shopping destination within its planned Grand Uptown Mall (GUM) project in New October City.

The mixed-use retail and leisure development is expected to involve investments exceeding 6 billion Egyptian pounds ($108 million approximately) and have a total leasable area of around 90,000 square metres (sqm), according to the preliminary master plan.

The first phase is scheduled to open in October 2028, subject to the completion of designs, technical studies, construction and regulatory approvals, the developer said in a statement.

Under the MoU, Fashion House Group will provide expertise in outlet centre development and operations, including leasing strategies, international brand acquisition, tenant mix management, marketing and operational planning.

Emtelak Real Estate Investment Fund is participating as a strategic investment partner in the project.

The development will include Fashion House International Outlet, GUM Luxury House and Fashion House Street, alongside a boutique hotel, restaurants, cafés, entertainment facilities and business spaces.

Other planned components include a VIP theatre, family entertainment centre, business club and a gallery showcasing Egyptian handicrafts.

The project will also incorporate an e-commerce platform offering delivery and click-and-collect services.

Ahmed Abouzaid, Chairman of Uptown 6 October Group, said the development was intended to combine retail, hospitality and entertainment facilities and support commercial activity in New October City.

Brendon O'Reilly, Managing Director of Fashion House Group and Fashion House Outlet Centres, said the company would draw on its European outlet retail experience and relationships with international brands to support the project.

Fashion House Group has more than 25 years of experience in outlet centre development and operations, with projects in Romania, Poland and Russia.

Separately, Uptown 6 October Education signed an agreement with GSM Holding to establish GSM Egypt, a company focused on developing and operating educational institutions.

The developer also announced an extension of its British International School agreement from 15 to 25 years.

In the investment sector, Uptown 6 October announced an agreement with Alpha Financial Investment Management to manage the Emtelak Real Estate Investment Fund and prepare an initial subscription prospectus.

The group also signed an agreement with ROX to establish RAQAM Real World Assets, a venture focused on block chain-based real estate tokenisation and digital registration, subject to applicable regulations.

(1 US Dollar = 55.74 Egyptian pounds)

(Writing by Marwa Abo Almajd; Editing by Anoop Menon)

(anoop.menon@lseg.com)

Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.

Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.

The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.

To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.

Any information which could be construed as “investment research” has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.