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, centralized 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 were 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.