My name is Mgaed Elkerdany, I am the General Manager of Nile City Investments, the owner company of Nile City Complex, which is considered the finest office space in Cairo. I am originally an architect and I had the privilege of working in the constructions of the four projects the complex run. Nile City Investments consists of four projects, parking spaces of four basements, two office towers, which are considered the highest towers in Egypt that stand 142 m tall, the shopping mall and Fairmont Nile City Hotel. The Nile City project was launched back in 2004 with the two towers, and then Fairmont Nile City Hotel opened in 2009. We have around 102,000 square meter of office space occupied by the top multinational companies like Orascom Telecom, P&G, Intel, Alico, Xerox'¦
Let me start a little earlier. Ten years ago when we first launched, things were better of course, tenets were really happy with the project and our services. The hotel opened in 2009 with all the needed facilities for a five-star hotel. 2010 was very fruitful as well. In 2011 both economic and tourism sectors dropped heavily and this had a very bad impact on the business! It was a bad shock for the hotel and we had to stop working for a few months and started accepting very poor deals. We kept losing in 2011, 2012 and 2013 because naturally any political or security instability affects the tourism business. The same happened with the office towers as most of the companies we worked with depend on business and its development, so it became harder to work during these tough circumstances, same with the shopping mall.
We aim to present the best for the best! Our mission is to keep the services we introduce to our tenants in highest quality. And we have a completely facilitated management company dedicated to keeping the complex in highest standers. We started as leaders in the market and we'll continue as leaders. When I became General Manager back in 2008, we did a questionnaire for our tenants and we repeated it in 2010, the responses we got both years translate our mission practically as we succeeded to maintain our quality level.
I believe that Egypt will become stronger if we presented the best qualities and there's a strong demand regarding this point. I believe that Egypt misses the good infrastructure, as in office buildings, hotels and general facilities. We are always eager to do whatever it takes to remain the symbols of high quality in any service we provide! We are constantly evolving and that's how we are maintaining our position. And when it comes to office buildings we are the only landmark offices in Cairo!
I am really optimistic and I believe what's coming is a lot better. There will be stronger demands on offices, as Egypt generally will flourish with national and international investments. It may take more time in sectors more than others but the boom is coming. I believe that the flourish happening in tourism translates what I am saying.
Our New Year target is to attract people with better facilities. We are planning to create a new destination for dinging and entertainment in Cairo in a couple of months; a large area for kids as well as new restaurants and cafes. It will be a huge surprise for our employees and residential areas. We're also expecting a large Beymen retail anchor. We'll also have a huge extension for our mall, which is considered one of the classiest malls in Egypt.
As I previously mentioned, our target was to present the best facilities in our four projects that naturally complement each other and we exceeded our target. Our offices are fully occupied; our hotel is one of the best in town, as are the shopping mall and movie theatres. We were able to recover in no time and generally we are very happy with what we have reached, yet we are always waiting for the better!
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