Counsel Masters Signs Management Agreement for “Mamsha Ahl Misr” Second Phase and Extends North Square Mall Contract

Cairo - January 9, 2023 - Counsel Masters, one of the leading consulting and services companies for commercial agencies managing hotel, touristic, and commercial projects, announced the signing of two contracts with City Edge Development, and the representative of the New Urban Communities Authority (NUCA). The first contract includes managing and operating the second phase of “Mamsha Ahl Misr” project, while the second encompasses extending the management contract of North Square Mall in New Alamein, both contracts were reviewed and consulted by Khodeir & Partners law firm, which handles Counsel Masters’ legal affairs.

The contracts were signed by George Metry, Co-Founder, Chairman, and CEO of Counsel Masters, and Mohamed Eldahan, CEO of City Edge Developments. In the presence of Malak El Ashiry, Managing Director of Counsel Masters, and Tareq El Ashiry, Board Member of Counsel Masters. The signing ceremony was also witnessed by Eng. Mohamed Saeed, Head of Operations Sector at City Edge, Mr. Hisham Jahin, Chief Financial Officer of City Edge, and Dr. Abdel Khalek Ibrahim, Senior Technical Assistant for the Minister of Housing, Utilities & Urban Communities.

 

Building on the remarkable success of the first phase, Counsel Masters was selected to manage the second phase of “Mamsha Ahl Misr” following its exceptional management and operation to the first phase implementing a best-in-class quality management system to provide a unique experience for walkway visitors. On the other hand, The North Square Mall’s contract extension marks a significant step forward in the Company’s ongoing expansion journey aiming to provide an ultimate entertainment and commercial destination on the North Coast.

 

“Our fruitful cooperation with City Edge Development in managing and operating “Mamsha Ahl Misr” and our North Square Mall contract extension come as a testament to our ability to implement the State’s vision and developing a model for the productive cooperation between the public and the private sector. All of which opens great prospects for all entrepreneurs in order to develop the tourism sector in Egypt,” said George Metry, Co-Founder, Chairman, and CEO of Counsel Masters. “We are all heading towards one vision, which elevates our enthusiasm to provide a unique experience for the walkway and the mall’s visitors during the upcoming period through organizing international events and festivals aiming to attract more visitors and provide unparalleled entertainment services befitting the country's achievement.”

 

For his part, Mohamed Eldahan, CEO of City Edge Developments, said, “Signing new cooperation deals with Counsel Masters comes as part of our strategy aiming to provide the best in class quality services to our projects’ visitors through partnerships with major national companies that can provide customers with unique entertainment experiences. In addition, this will contribute to increasing diverse tourist attractions, as part of Egypt’s vision to boost tourism and increase the sector’s revenues.”

 

The government’s keenness on the establishment of “Mamsha Ahl Misr” comes as part of its constant efforts to develop the Nile facades, and increase entertainment activities for visitors while increasing tourist attractions. It succeeded in constructing the 1.8 km first phase, which extends from Imbaba Bridge to 15th of May Bridge. It was inaugurated last March and is managed by Counsel Masters.

 

The government is also close to completing the development of the second phase, which is divided into three sectors; The first (Al-Sahel sector) extends from Imbaba Bridge to Rod Al-Farag Bridge over a distance of 1.3 km with an area of 917 m2, with 5 buildings on a total rental area of 723 m2, and two anchorages. The second (Maspero sector) extends from 15th of May Bridge to 6th of October Bridge and consists of 8 buildings, with a total area of 1500 m2 and a rental area of 875 m2, and one anchorage. The third (Qasr Al-Nil sector) extends from 6th of October Bridge to Qasr Al-Nil Bridge and consists of 5 buildings that include a floating restaurant, with a total area of 1196 m2 and a rental area of 995 m2, and 2 anchorages.

 

The second phase of “Mamsha Ahl Misr” includes a variety of services and many entertainment venues for children and all family members, outdoor theaters for holding various events. It also contains many operational facilities, including garbage collection rooms, storage rooms, changing rooms for workers, administrative offices, and river bus booking offices. The second phase will be delivered in February 2023.

 

Inaugurated in the summer of 2022, Counsel Masters succeeded to manage and operate North Square Mall. The project, with a rental area of 86 thousand square meter, includes commercial and cultural shops and restaurants, in addition to parking for more than 3,200 cars. It also includes a hotel with more than 70 ready-to-operate rooms and a 6-thousand-meters long beach. North Square Mall also includes an area called “The Plaza”, the mall’s main entrance that is designed to hold all immense major events and entertainment programs. All these services turned North Square Mall into the topmost comprehensive experience for the visitors of New Alamein and the entire North Coast.

 

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About Counsel Masters:

Established in 2017, Counsel Masters is at the leading edge of innovation in the operational commercial and leasing market, providing a clear business model of leasing and marketing services, an ambitious vision, and impressive growth plans to meet the needs and requirements of a diverse base of customers in operating & managing companies. This includes commercial and administrative real estate; equipment & machinery, information technology systems, and management & marketing strategies through the elite of prominent business experts & veteran leaders in their respective fields. Counsel Masters played a vital role as a key catalyst in commercial real estate, leasing, and marketing with various customer points in the Middle East.

 

About City Edge Real Estate Development:

City Edge Real Estate Development is an Egyptian joint stock company launched in 2017 with a capital of EGP2 billion as a result of cooperation between the New Urban Communities Authority of the Ministry of Housing, Utilities, and Urban Communities, and the Housing and Development Bank (HDBK.CA). It is one of the leading companies in real estate development and asset management in the Egyptian market. The company develops and manages a group of distinguished real estate projects in Egypt including several residential projects, commercial malls, hotels, restaurants, and administrative offices. The company recently won the "The Fastest Growing Real Estate Company in Egypt" award. The company has also succeeded in launching more than 10 successful projects throughout Egypt since its launch till now.