Scope properties Company, a subsidiary of the Saudi Al-Swailem Holding Group, reached an agreement with the Giza Governorate to seize the right to manage and operate Street 306 in the Dokki area for a period of 5 years, while adopting an expansion plan for the concept of the “neighborhood mall” in various governorates, starting from Greater Cairo.
In 2019, Major General Ahmed Rashid, Governor of Giza, with officials of the Small Projects Authority, inaugurated the Street 306 project in Dokki as the first project for youth employment in the governorate.
Engineer Alaa Khedr, CEO of Scope, said that his company reached an agreement with Giza governorate officials to operate Street 306 near the Ministry of Agriculture, after the project was closed for a temporary period due to mismanagement by the tenants.
In his interview with Al-Mal, he explained that during the past few months, 20 million pounds were invested in order to redevelop and renovate the street, including fast food and beverage stores. Indeed, 90% of the components were rented, with strict supervision to ensure the quality of operation and management.
Khader indicated that Scoop relied on the previous experiences of the parent group in Saudi Arabia in the fields of retail and entertainment, with the aim of strengthening its presence in the Egyptian market. Accordingly, it adopts the concept of the “neighborhood mall” and seeks to implement it in various parts of the Republic, and held more than one meeting with officials of the governorates. Cairo, Giza and Qalyubia, to repeat the experience of Street 306 in Dokki.
He stated that the company focused in developing the project on the concept of the “neighborhood mall”, which aims to make it a suitable place for different classes while providing elements of distinction, thus enhancing its role in serving all the residents of Dokki district, and it also changed the name to “Mid Street”.
He pointed out that the contract period with the Giza governorate is 5 renewable years, during which Scope pays a monthly rental value to the governorate, and it does not aim to maximize the profitability of the project, but rather to achieve a precedent of experience in this field that enhances its ability to spread the neighborhood mall chain in the governorates.
He stated that the company is looking for suitable areas in Greater Cairo characterized by population density to construct new models of Mid Street, while adopting a policy of revenue sharing with the tenants of the units and shops on the street.
It is worth noting that Scope signed, last April, a partnership contract with El-Nasr Housing and Development. One of the “Holding for Construction and Development” entities affiliated with the Ministry of Public Business Sector, according to which the first is responsible for developing a plot of land of about 1.7 million square meters on the Mokattam Corniche, at a construction cost of EGP 32 billion, which is the first Scope project in Egypt.