Cairo – Mubasher: Majid Al Futtaim plans to invest EGP 16 billion in Egypt over the coming two to three years, the company’s CEO Alain Bejjani told Reuters on Wednesday.

The Dubai-based company has invested nearly EGP 28 billion in the most populous Arab nation since the end of 2015, Bejjani revealed.

The company is also looking to expand in Saudi Arabia, Uzbekistan, and Uganda, he added.

As part of a five-year SAR 16 billion investment plan, the leading integrated lifestyle provider will inject SAR 2 billion into building cinemas in the GCC kingdom, raising the number of its cinema screens to 600 from 100 in Saudi Arabia by the end of the plan which started a year and half ago.

In addition, Majid Al Futtaim will also open seven Carrefour locations in Uzbekistan in 2020 and begin its investments in Uganda with a Carrefour location on 16 December.