Built to inform

Sign up for the daily newsletters

No, Thank you

MAF reveals $2.3bn investment in Eqypt

Mall of Egypt development, near Cairo, to complete by end of 2015

MAF operates the Mall of the Emirates in Dubai.
MAF operates the Mall of the Emirates in Dubai.

Dubai retail group Majid Al Futtaim is to invest around $2.3bn in Egypt over the next few years.

Chief executive Iyad Malas told news agency Reuters: “Total investments on the plan, including Carrefour, should be around 16bn Egyptian pounds over the next four to five years."

Malas made the announcement at the World Economic Forum in Davos.

MAF, the sole franchisee of Carrefour hypermarkets in the Middle East, will expand one of its shopping malls in Cairo’s Maadi district at a cost of $5.2bn, and begin construction next week of another mall next to Cairo’s main airport that will cost a similar amount, Malas said.

In addition, the company expects to complete construction of its ‘Mall of Egypt’ project near Cairo by the end of 2015 at a cost of $8.1bn, while the Carrefour operation plans further investments, he said. 

MAF operates 16 shopping malls, including Mall of the Emirates, Deira City Centre Mall, Muscat City Centre Mall and Beirut City Centre Mall.

Most popular

Awards

Construction industry conversations around digitisation must evolve
The Middle East construction industry’s approach to tech must evolve and focus on how can

Conferences

CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this
CW In Focus | Leaders in Construction Summit UAE 2019
A roundup of Construction Week's annual summit that was held in Dubai this September

Latest Issue

Construction Week - Issue 754
Nov 23, 2019