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Majid Al Futtaim to invest $2.4bn in Egypt over 5 yrs

Majid Al Futtaim to invest $2.4bn in Egypt over 5 yrs
Mall of Egypt

UAE’s Majid Al Futtaim has reiterated its long-standing commitment to Egypt, saying it will inject around EGP 18 billion ($2.4 billion) in the market over five years.

The investment plan includes new developments as well as expansion of the existing projects, and is expected to create an additional 144,000 direct and indirect job opportunities, according to the company’s statement.

“Majid Al Futtaim has been spearheading the retail sector in Egypt since 2002, through successfully introducing new concepts to develop the local retail sector,” said Alain Bejjani, Chief Executive Officer of Majid Al Futtaim Holding.

The top official stressed that Egypt is considered one of the most promising markets across the region, noting that his company is keen to maintain and expand its operations locally.

“With the Egyptian government demonstrating remarkable efforts to further enhance the investment environment and boost investors’ confidence in the market; we are optimistic about 2015 and beyond. The upcoming Egypt Economic Development Conference (EEDC) is a great example of these efforts. At Majid Al Futtaim, we believe that EEDC is an important step towards highlighting Egypt’s growing potential across all sectors, which will contribute in accelerating the aspired economic recovery,” said Bejjani

Majid Al Futtaim’s plan includes investing EGP4.9 billion in its flagship project, Mall of Egypt. Located in 6th of October City, the two-level mall spans of 455,500 square meter built up area and will include Ski Egypt, the first indoor ski slope in the continent of Africa as well as over 420 stores of international and local brands.

Commenting on the timeline of the plan, Abdallah El Nockrashy, Majid Al Futtaim Properties Country Head for Egypt said “We are working closely with the relevant authorities to move forward with our pipeline projects according to the projected timeline. One of the projects we’re currently discussing with the government is City Centre Almaza, which will be Majid Al Futtaim’s third City Centre in Egypt and its 12th in the City Centre network - the largest mall network across the Middle East.”