Home / NEWS / Egypt Vox Cinemas complex worth $65.5m, MAF says

Egypt Vox Cinemas complex worth $65.5m, MAF says

by Neha Bhatia on May 31, 2015

Abdalla El Nockrashy, Egypt country head, Majid Al Futtaim Properties.
Abdalla El Nockrashy, Egypt country head, Majid Al Futtaim Properties.

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Property developer Majid Al Futtaim will build four neighbourhood centres in Cairo’s new residential cities, and four shopping malls in greater Cairo as a part of its $3bn (EGP22.5bn) investment in the country.

Abdalla El Nockrashy, Egypt country head at Majid Al Futtaim Properties told Construction Week that $65.5m (EGP500m) will be allocated to introduce the country’s first Vox Cinemas complex within the next five years.

“In addition, we also unveiled two new projects forming part of the original $2.3bn investment plan, including a new City Centre, under the name of City Centre Almaza, with investments of $458.6m (EGP3.5bn), and the redevelopment and expansion of City Centre Maadi, with investments of $524.1m (EGP4bn).”

The company’s investment amount was increased to $3bn from previous figures of $2.3bn in March 2015, when the company signed a Memorandum of Understanding (MoU) for new projects with the Egyptian government.

Nockrashy said the challenges of working in Egypt’s construction market are not unique to the country, and praised the Egyptian government for its cooperation with international developers.

“The challenges that foreign investors face in Egypt are not unique to Egypt,” he said.

“In Egypt, we are working to develop a good dialogue and reporting structure with the government to ensure there is momentum when it comes to permits and permissions being granted for various parts of our business, from laying the foundations to operations.

“Consistent regulations without retroactive changes will encourage investors and help to foster accelerated and more meaningful growth in the Egyptian economy. Also, more timely investment and licensing approval processes and less restrictive capital flow regulations will help to improve the overall process for investors,” Nockrashy added.