Marakez signs EGP 395 mn loan with Emirates NBD Egypt for new Ikea store

Fawaz AlHokair Group’s Marakez has signed a EGP 395 mn long-term loan agreement with Emirates NBD Egypt to finance a 20k sqm Ikea store at Mall of Arabia, NBD corporate banking head Amr Azab said. Marakez inked a long-term lease agreement last December with Al Futtaim Misr for Retail, which holds the franchise for the Swedish furniture retailer, to open an Ikea store in its flagship mall. A smaller outlet opened its doors earlier this year to serve customers until the large store debuts in 2020.