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Majid Al Futtaim expands in Saudi Arabia, Egypt, Kenya

Majid Al Futtaim expands in Saudi Arabia, Egypt, Kenya
Saudi Arabia is a promising and open market

Dubai – Mubasher: Majid Al Futtaim Group is looking to expand in Saudi Arabia, Egypt, Oman, Kenya, and East Africa, the group’s CEO Alain Bejjani has said.

The group is planning to launch a $13.6 billion mix-use development in Oman, which will be situated on 5 million square metres and comprise 10,000 residential units, along with offices and retail areas, Bejjani told Bloomberg TV.

Located in Muscat, the new master plan is a joint venture with the Omani government, he added.

The UAE-based shopping mall and retail operator has also planned to expand in Saudi Arabia in addition to the building of 600 cinema screens over five years, the top official noted.

Saudi Arabia is a promising and open market, given the “extremely important” social reforms conducted by the government, Bejjani revealed.

He said that the company is also focusing on the Egyptian market, eyeing more expansion in the Arab world's most populous country.

In February, Majid Al Futtaim announced plans to open 100 new Carrefour stores in Egypt.

The Emirati group has a foothold in Kenya, opening 6 stores in the African county, with other 4 in the pipeline, Bejjani remarked, adding that the group is mulling presence in other countries in East Africa.

The CEO stated that his company is not planning to issue bonds, noting that such measure is possible.