MAF to boost Egyptian investments by $520m
Developer announces four new malls and four new neighbourhood projects under major expansion plans for Egypt
Majid Al Futtaim has announced that it’s to build four new neighbourhood centres and four new shopping malls in Egypt, boosting total investments in the country to over $2.95 billion.
The company made the announcement at the Egypt Economic Development Conference (EEDC) on Saturday, 14 March.
During the conference, Alain Bejjani, CEO of Majid Al Futtaim - Holding, signed a Memorandum of Understanding (MoU) for the new projects with the Egyptian government. Under the MoU, new additional investment of EGP4bn ($524.5m) 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 EGP500m ($65.6m) worth of investments will be allocated to introduce the largest local VOX cinemas over the coming five years.
Bejjani also unveiled two new projects forming part of the original EGP18 billion investment plan, including a new City Centre, under the name of City Centre Almaza, with investments of EGP3.5bn $458.9m), and the major redevelopment and expansion of City Centre Maadi, with investments of EGP4bn ($524.5m).
In a statement, Bejjani said; “The government succeeded in creating an investment climate that has encouraged Majid Al Futtaim to increase its investment to EGP22.5 billion, in addition to unlocking two major investments as part of the original EGP18 billion plan.
“The additional projects affirm our strong belief in the vast opportunities available in the Egyptian market. Moreover, we were honoured by the president’s presence in our press conference, which further cements the intent to advancing the Egyptian economy.”
Majid Al Futtaim’s latest investment follows closely after the recent announcement of its five year investment plan. The plan includes, among others, developing Mall of Egypt with investments of EGP5 billion, the expansion of Carrefour hypermarkets and supermarkets network to 55 branches by end of 2019 with investments of EGP5 billion, and the recent expansion of City Centre Alexandria with investments of EGP70 million.
HE Ashraf Salman, Egypt’s Minister of Investment said: “As Egypt is undergoing a much needed economic reform process, we are working restlessly to identify the proper partners who will collaborate with us as we endeavour to achieve prosperity for all Egyptians. As such, it is important for us to work with experienced, committed partners and we believe that Majid Al Futtaim has a significant role to play in the development of our country’s retail landscape and economy in general.”
Majid Al Futtaim is currently undertaking feasibility studies for four potential plots to develop neighbourhood centres in Cairo.