MAF reveals $2.3bn investment in Eqypt
Mall of Egypt development, near Cairo, to complete by end of 2015
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.