Malia Invest S.A.L., a company incorporated in Beirut, Lebanon, is planning to develop a greenfield, multi-functional entertainment center of 16,685 sqm being constructed in Sulaymaniyah, Iraq.
The project, Magma Square, is a multi-functional shopping center in Sulaimaniya in the Kurdistan region of Iraq with cost estimated at US$26.6 million. The project is planned on 20,000 m2 of land having built up area of 31,200 m2 with total gross leasable area (GLA) of 17,500 m2 (87% of the total allocated land) and parking lot for 580 cars on 5,500 m2. Landscaping and public circulation covers 7,855 m2. Magma Square will feature multiple food and beverage concepts with reputable brand names on an international and regional scale as well as a selection of retail shops ranging from convenience items to medicine, printing, stationary, accessories, and technology related products. In addition to a movie theatre, the project includes a branded supermarket and a full fledge health and beauty centre. The Project’s Sponsor is Malia Holding (Malia) - a well-diversified Lebanese conglomerate with operations in Lebanon and Iraq. Project Borrower and implementing entity is Malia Invest Holding (Malia Invest or Company) which is a fully owned subsidiary of Malia Holding. The project will be developed by CAPLINE and managed by MAGMALINE (a full-service facility and property management company) both subsidiaries of Malia Group. The project land owner, the American University of Iraq - Sulaimani (AUIS), have gone into a 25 years land occupancy/BOT contract to plan, construct and operate the project. The project site is well-located at the main gate of the American University and facing the main entrance of the Sulaymaniyah University (another large university). The project has a direct access to the main city highway road. The project is in final construction phase, with all civil, electrical and mechanical works completed, and soft opening is set for last quarter of 2018.
Total Project cost is US$26.5 mn, where US$17.5 mn (66% of total Project cost) will be equity contribution by the Group. IFC is proposed to extend an A loan of up to US$9 mn to the Company to support the Project.
Malia Invest is a wholly owned company of Malia Holding. Malia Invest is active in the hospitality sector in Iraq, owning two hotels in Erbil, Iraq and the proposed Project in Sulaymaniyah, Iraq. Malia Holding, established in 1986 in Beirut, Lebanon, is a diversified conglomerate in Lebanon covering 8 business streams including Industries, FMCG Manufacturing and Distribution, Pharmaceuticals, Technology & Management Solutions, Fashion, Engineering & Contracting, and Hospitality and Real Estate encompassing 27 companies.
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+961 1 900100 Ext 883
P.O.Box 90201 Jdeidet El Metn, Lebanon
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