Egypt to receive US $200m loan for construction of City Centre Almaza

Egypt is set to receive US $200m loan from European Bank for Reconstruction and Development (EBRD) to finance the construction of City Centre Almaza, a new retail and entertainment centre in the country.

Construction of the City Centre Almaza, is planned to be launched in September 2019. It will be strategically located on the North Eastern quadrant of the junction between the Cairo-Suez Road and Nasr Road in Heliopolis, one of the most affluent locations in Egypt. This will provide easy access for all visitors from across the city.

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City Centre Almaza

The centre will cover an area of nearly 103,000m² and will be developed in compliance with latest standards to adopt energy efficiency measures, reduce electricity and water consumption as well as avoid greenhouse gas emissions.

The standards will help the shopping centre achieve the Gold level certification under the LEED green building certification scheme. Additionally, an on-site learning facility will be created which is expected to improve access to training and employment opportunities in retail and hospitality for young women and men.

The project name Almaza, meaning diamond in Arabic, is derived from the rich history of philosophies, planning and design aspirations from Heliopolis, which has been integrated into the planning and design of City Centre Almaza’s shopping experience.

The City Centre Almaza upon completion will become the primary retail and leisure destination within the dense and affluent catchment area of Heliopolis. It is projected to offer the most exceptional space design, retail mix, dining and entertainment facilities that are tailored to the community.