/ 12 August 1999

OLD MUTUAL GETS CAIRO CONTRACT

OLD Mutual Properties (OMP) has been appointed as leasing and management consultants for the retail element of a R15-billion entertainment complex outside of Cairo, the firm said in a statement on Wednesday. The project, described by Ian Watt, managing director of Old Mutual Properties, as the “Pyramids meet DisneyWorld”, is under construction about eight kilometres from the famous Giza Pyramids. The initial consulting contract includes advising on leasing strategies, tenant mixes, as well as ongoing management of the development. OMP will also be involved in leasing strategies and management of the adjoining Dreamland shopping resort, a retail and entertainment centre, which is expected to be huge drawcard for many of the 16-million inhabitants of Cairo. The development, said Old Mutual, will be the first major project on this scale in the region. On completion in 2006, Dreamland will include a theme park, a golf course, a world class tennis facility, a 16 cinema multiplex, nine hotels, theatres, 10000 residential units, and other sports facilities, including an equestrian centre.