CAIRO--(BUSINESS WIRE)--MARAKEZ, a subsidiary of Fawaz Al Hokair Group, has selected Yardi Voyager® 7S to electronically manage its lease and property management process for its leading shopping mall in Cairo, Mall of Arabia.
Alongside Voyager 7S, which streamlines core accounting, lease management and property management, MARAKEZ will adopt Yardi Advanced Budgeting and Forecasting, Leasing Manager and Advanced Maintenance Inspections to support its asset management strategy as well as day to day mall operations.
Utilizing a cloud-based, centralised database and role-based access, Yardi offers technology solutions to manage all aspects of the real estate life cycle.
“At MARAKEZ we are striving to automate all our processes and workflow in order to streamline and facilitate our relationship with our partners and tenants. Among the many reasons why we chose to link MARAKEZ retail leasing with Yardi was the strength of their business, their solutions and functionality. With Yardi we believe we can provide a one-stop system which would enable us and our partners to maintain a healthy and transparent business relationship,” said Ayman Beiram, IT Director for MARAKEZ.
Saudi-owned retail property developer MARAKEZ is investing more than EGP 15 BN ($829 million) in Egypt and could double that within five years. Egypt’s modern retail sector has a growth potential (CAGR) of 10% this year and next and therefore potentially doubling by 2021.
“We are pleased to announce that MARAKEZ, our first client in Egypt, has selected Yardi to support its operations in Cairo. Our goal is to expand our presence in the Egyptian market and help our clients in the Middle East operate more efficiently with end-to-end real estate platform,” said Neal Gemassmer, vice president of international for Yardi.
Since the launch of Mall of Arabia Cairo in December 2010, the MARAKEZ Group has invested extensively in the areas of retail development and fashion retail in Egypt. Based on the Group's positive outlook for the Egyptian economy, as of September 2015, Fawaz Al Hokair Group hired a new team of experienced, young and innovative Egyptian professionals and given them the mandate to build the largest mixed use development and management company in Egypt.
The new vision prompted creation of a new local subsidiary of Fawaz Al Hokair group, MARAKEZ, with a focus on developing Mall of Arabia's Phase 2 and launching new malls as well as residential developments, restaurants and entertainment chains across the nation.
Yardi® develops and supports industry-leading investment and property management software for all types and sizes of real estate companies. Established in 1984, Yardi is based in Santa Barbara, Calif., and serves clients worldwide from offices in Australia, Asia, the Middle East, Europe and North America. For more information, visit yardi.com/ae.