CEOs Ayman Soliman & Talal Madi at signature ceremony
Venture Group, the Lebanese hospitality development and management firm, behind The Backyard Hazmieh and The Village Dbayeh among various under development clusters, is expanding its footprint beyond its home country, tapping the Egyptian market.
Venture Group Egypt, whose managing partner is Talal Madi, and which is a subsidiary of Venture Group, will be leading the activities in Egypt.
The company signed a management agreement with Gemini Holding, which is chaired by Naguib Sawiris, to develop a USD 35 million entertainment hub.
“We’ve been researching the Egyptian market it has been two years, and we’ve been actively operating there it’s been a year,” Rabih Saba, managing partner of Venture Group told Hospitality News.
Saba explained that they started searching for potential development and activity angels within the Egyptian market, especially when it comes to clusters, malls, F&B, and nightlife. “These are the fields where we can share our expertise and added value,” he said.
According to him, the Egyptian market is a broad one, and there is a sort of similarity between it and the Lebanese one, when it comes to going out habits. “Despite the ups and downs, we see Egypt as a big potential market.”
The project will extend over a 40,000 square meters piece of land. It will bring 50 outlets, including a large mix of F&B, a bar boulevard, kids arcade and entertainment, a cinema, and a nightclub, in a pedestrian set. “We aim at bringing Lebanese operators and brands in several areas,” Saba added. The development will cater to the locals, the expats, and to the business community. It is set to be completed in fall 2019.
Venture Group has also signed a development and management agreement of The Park Mall, in new Cairo. It is a 55,000 m2 development with 32,000 m2 of GLA. In addition to retail, hypermarket, and other tenants, it will bring 50 F&B outlets. It is expected to be operational within eight months.
The company has also signed another agreement in the North Coat and another touristic project in Hurghada, in addition to a strategic cooperation with AlHokair Group.Add to Favorites