- Five-year investment plan includes the development of three new shopping malls, redevelopment of Maadi City Centre and Alexandria City Centre, and opening of 32 Carrefour outlets
- Planned investments of EGP16.5 Billion, to generate more than 125,000 direct and indirect jobs
- Majid Al Futtaim has invested EGP2.5 billion in Egypt so far and created more than 3,500 direct jobs
- The company’s existing shopping malls attracted more than 25 million visitors in 2013
Cairo, 22 March 2014: Majid
Al Futtaim, the leading shopping mall, retail and leisure pioneer
across the Middle East and North Africa, announced that it has
received official endorsement from Egypt’s Prime Minister, H.E.
Ibrahim Mehleb, for its five-year investment plan in Egypt worth
EGP16.5 billion. The announcement came after an official visit to the
Prime Minister’s office by Majid Al Futtaim’s CEO, Iyad Malas and
Country Head – Egypt, Abdalla El Nockrashy, to discuss the
company’s investment plans and the requirements from various
Egyptian authorities to facilitate the planned developments.
Iyad
Malas, CEO, Majid Al Futtaim Holding, said: “Egypt continues to be
a key market for us and we remain committed to our investments there.
H.E. Ibrahim Mehleb endorsed our EGP16.5 billion planned investments
and has taken prompt action to facilitate pending approvals and
permits from relevant government entities. We look forward to
supporting the development of Egypt’s retail industry and creating
more than 125,000 direct and indirect local jobs over the coming five
years.”
Majid Al
Futtaim plans to develop three additional shopping malls in Egypt and
open 32 new Carrefour stores. The investments will add more than
300,000 square metres of retail space to Majid Al Futtaim’s
existing portfolio in Egypt.
Abdalla
El Nockrashy, Country Head – Egypt at Majid Al Futtaim Properties,
added: “We are delighted with the level of support we received from
His Excellency and excited to see Egypt opening up for foreign
investment, particularly from the UAE. We, at Majid Al Futtaim, are
committed to supporting Egypt’s economy and society, and we will
work closely with the Egyptian government to further deliver on this
commitment.”
Majid Al
Futtaim is making good progress with its development of Mall of Egypt
in Cairo, which represents an investment of EGP4.9 billion. Mall of
Egypt will create 41 thousand new direct and indirect jobs, offering
a premium shopping and entertainment experience to Egypt’s
community, including a state-of-the-art
indoor ski slope. The company has also commenced the redevelopment of
Alexandria City Centre’s leisure precinct.
