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Mall of Egypt...Majid Al Futtaim's flagship project

Majid Al Futtaim to invest $2.35bn in Egypt

CAIRO, February 26, 2015

Majid Al Futtaim, a Dubai-based shopping mall, retail and leisure pioneer, is expanding its investments in Egypt, pumping EGP18 billion ($2.35 billion) in the market as part of an ongoing five-year plan.

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.

“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.

“Due to its unique diversity, Egypt is considered one of the most promising markets across the region. As such, we’re keen to maintain and expand our 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.”

Majid Al Futtaim’s plan includes investing EGP4.9 billion ($642.1 million) in its flagship project, Mall of Egypt. Located in 6th of October City, the two-level mall spans of 455,500 sq m 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.

Projected to open in 2016, the mall is expected to create 41,000 direct and indirect job opportunities. Majid Al Futtaim is also investing EGP250 million ($32.7 million) to develop an integrated road network around the mall, to provide traffic solutions for the roads surrounding the site to facilitate traffic flow in the area and allow visitors direct and safe access/egress from Al Wahat Road.

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.”

Furthermore, Majid Al Futtaim recently announced the completion of the new expansion at City Centre Alexandria. With total investments of EGP70 million ($9.1 million), the new phase spans 12,000 sq m. Inaugurated under the name of the Leisure Precinct, the new phase created 500 new job opportunities, making the total jobs opportunities offered by the mall, since its opening in 2003, 4,500 jobs.

The geographic diversity realised by the retail pioneer’s strong presence across Egypt is a main factor in the company’s outstanding success. As such, the expansion plan of Carrefour Hypermarkets includes allocating EGP5 billion ($655.2 million) increasing the network of Carrefour hypermarkets and supermarkets to 55 by end of 2019.

Majid Al Futtaim has been successfully operating in Egypt through owning and managing City Centre Maadi and City Centre Alexandria, with a total current value of around EGP2.5 billion ($327.6 million). City Centre Maadi opened in 2002, and spans 28,000-sq-m of retail space, offering a unique retail mix, with 87 of the best international and local brands, while City Centre Alexandria opened in 2003, and spans 60,370-sq-m of retail space that includes 168 international and local brands. – TradeArabia News Service




Tags: Egypt | Dubai | investment | Majid Al Futtaim |

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