Abu Dhabi: Majid Al Futtaim, a Dubai-based retail operator, is set to increase its total investments in Egypt from 18 billion Egyptian pounds (Dh8.6 billion) to 22.5 billion Egyptian pounds, the company announced on Sunday.
In a press conference held at the Egypt Economic Development Conference taking place in Sharm Al Shaikh, Alain Bejjani, chief executive officer of Majid Al Futtaim Holding, signed a Memorandum of Understanding (MoU) for the new projects with the Egyptian government.
Under the MoU, an additional investment of 4 billion Egyptian pounds is allocated for the development of four neighbourhood centres in the new residential cities in Cairo as well as the development of four new shopping malls in greater Cairo.
Another 500 million Egyptian pounds worth of investments will be allocated to introduce the country’s first Vox Cinemas over the next five years.
Additionally, Bejjani unveiled two new projects forming part of the original 18 billion Egyptian pound investment plan, including a new City Centre with investments of 3.5 billion Egyptian pounds. The company will also redevelop and expand Cairo’s City Centre Maadi, with investments of 4 billion Egyptian pounds.
“The government succeeded in creating an investment climate that has encouraged Majid Al Futtaim to increase its investment to 22.5 billion [Egyptian] pounds, in addition to unlocking two major investments as part of the original 18 billion [Egyptian] pound plan.
The additional projects affirm our strong belief in the vast opportunities available in the Egyptian market,” the CEO said.
Majid Al Futtaim’s latest investment comes after the recent announcement of its five-year investment plan worth 18 billion Egyptian pounds. The plan includes developing Mall of Egypt at 5 billion [Egyptian] pounds, the expansion of Carrefour hypermarkets network to 55 branches by end of 2019 at 5 billion Egyptian pounds, and the expansion of City Centre Alexandria at 70 million Egyptian pounds.
