Main Marks Developments inks a strategic agreement with Misr Company, Retaj Hotels in MORAY project

Main Marks Developments signed a strategic cooperation agreement with Misr Company under the usufruct system for the commercial part of MORAY project, which in turn contracted with the Qatari Retaj Hotels to manage and operate the commercial part of the project.
The contract was signed by the CEO of Main Marks Developments Mr. George Ghanem, CEO of Misr Company Eng. Mohamed Azzam, and Chairman and Managing Director of Retaj Hotels and Hospitality His Excellency Sheikh Nayef bin Eid Al Thani at the headquarters of Retaj Hotels in Qatar.
For his part, George Ghanem, CEO of Main Marks, expressed his happiness with this distinguished cooperation that maximizes the project investment advantages, said that the company seeks to launch a unique and innovative project, and has already started with an unique location in the Fifth Settlement in New Cairo.
Ghanem praised the Egyptian-Qatari cooperation in this project and the efforts of both parties to develop an exceptional and distinctive project in the entire Egyptian market.
He explained that the MORAY project is the company’s first project in the Egyptian market, and it is a mixed-use project with investments exceeding EGP 30bn. It is a commercial, administrative and medical project as well as serviced units and provides units with various sizes that suit international brands targeted to be attracted to the project.
Spanning over 16.5 acres, MORAY is considered a new qualitative leap in New Cairo and is located with a 300-sqm frontage on North Teseen Street, he noted, pointed out that the project is designed in a professional manner that ensures achieving the highest quality standards to provide a different and distinctive properties.
Ghanem added that Main Marks has been established by an alliance between 3 strategic partners; Wealth Developments, HTD Properties, Al Hayat Group, in addition to the Emirati company Rawabi Al Ain, all of which are companies with strong experience in real estate development in Egypt and the UAE.
Eng. Mohamed Azzam, Chairman of Misr Company, noted that his company obtained the commercial part of the MORAY project under the usufruct system for a period of 10 years, and Retaj Hotels was chosen to be responsible for managing and operating the commercial part it is one of the leading companies in its field. Retaj Hotels has strong successes in Qatari market, and it has worked on huge projects inside and outside Qata.
He disclosed that Retaj Hotels and Hospitality has a business history in local and international business, as it has succeeded over many years in building a strong reputation and a distinctive imprint in the field of management and operation, which adds a new mark of distinction to the MORAY project.
Azzam added that the commercial part within the project is located on 50,000 sqm, and it includes more than 190 commercial stores with various spaces.
In press conference held in Doha, the Qatari capital, on the occasion of signing the contract, His Excellency Sheikh Nayef bin Eid Al Thani, Chairman and Managing Director of Retaj Hotels, affirmed his optimism about this partnership and cooperation with Misr Company and providing his company’s experience in managing the commercial part of the MORAY project. Retaj Hotels and Hospitality is looking forward to provide a distinct and unique management experience that adds more investment advantages to the project and ensures its investment value.
Sheikh Nayef pointed out that Retaj has carried out the necessary studies that ensure providing a distinctive visiting experience for any client who plans to be in the commercial part, which is appropriate for this huge project is also suitable for the project tenants, to whom the company seeks to provide the best level of service.
He elaborated that Retaj Qatari Hotels manages hotel and real estate assets whose investment value has reached approximately QAR 11bn, which reflects the enormous projects for which the company is responsible, as well as its responsibility for a huge and distinguished portfolio that has brought it unprecedented experience in field of hospitality and management.
He pointed out that this agreement was signed with initials during the Qatari-Egyptian Investment Forum, which was held under the patronage of Egyptian Minister of Trade and Industry and Qatari Minister of Commerce and Industry. The agreement was signed by the Sheikh Nayef bin Eid Al Thani, Chairman and Managing Director of Retaj Hotels, as well as, Mr. Ghanem. CEO of Main Marks, and Mr. Mohamed Azzam, CEO of Misr Company, in the presence of officials from both parties, so that the signing turns into a final contract.