Business

MARAKEZ, a subsidiary of Fawaz Al Hokair Group, has actually selected Yardi Voyager 7S to electronically manage its lease and property management process for its leading shopping mall in Cairo, Shopping Mall of Arabia.

Alongside Voyager 7S, which simplifies core bookkeeping, lease monitoring and building monitoring, MARAKEZ will adopt Yardi Advanced Budgeting and Forecasting, Leasing Manager and Advanced Maintenance Inspections to support its property management approach in addition to day to day shopping mall procedures.

Utilizing a cloud-based, centralised database and role-based access, Yardi offers innovation services to take care of all facets of the real estate life process.

"At MARAKEZ we are striving to automate all our processes and process in order to improve and facilitate our partnership with our partners and tenants. Amongst the several reasons that we preferred to link MARAKEZ retail leasing with Yardi was the strength of their business, their options and functionality. With Yardi we believe we can offer a one-stop system which would certainly allow us and our companions to maintain a healthy and clear business connection," 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 increase that within 5 years. Egypt's modern retail field has a development potential (CAGR) of 10% this year and following and therefore potentially doubling by 2021.

"We are pleased to introduce that MARAKEZ, our first client in Egypt, has selected Yardi to sustain its operations in Cairo. Our goal is to increase our visibility in the Egyptian market and help our clients in the center East run more efficiently with end-to-end realty platform," stated Neal Gemassmer, vice president of worldwide for Yardi.

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