Sharm El Sheikh, Egypt: Majid Al Futtaim, the retail and leisure pioneer across the Middle East and North Africa (MENA) announced the increase of its total investments from EGP18 billion to EGP22.5 billion.
This was announced by Majid Al Futtaim during the Egypt Economic Development Conference (EEDC) following Alain Bejjani, CEO of Majid Al Futtaim – Holding, signed a Memorandum of Understanding (MoU) for the new projects with the Egyptian government.
Under the signed MoU, new additional investment of EGP4 billion 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. Moreover, EGP500 million worth of investments will be allocated to introduce the largest and first local VOX cinemas over the coming five years.
In addition, Alain Bejjani, CEO of Majid Al Futtaim, 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 EGP3.5 billion, and the major redevelopment and expansion of City entre Maadi, with investments of EGP4 billion.
“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,” Alain Bejjani, CEO of Majid Al Futtaim – Holding, added.
Majid Al Futtaim’s latest investment follows closely after the recent announcement of its five year investment plan worth EGP18 billion. 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.
“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,” Ashraf Salman, Egypt’s Minister of Investment said.
Majid Al Futtaim is currently undertaking feasibility studies for four potential plots to develop neighbourhood centres in Cairo. The new developments are set to meet the continuously rising demand, both locally and regionally, for integrated lifestyles that combine modernity and convenience, offering great moment for everyone, every day.
Majid Al Futtaim’s mall portfolio has become world renowned for innovation within the shopping centre, retail, design and construction industries and its iconic brands are intertwined with the lives of more than 250 million people each year. In 2014, its existing shopping malls in Egypt attracted more than 25 million visitors, highlighting the company’s ability to contribute to Egypt’s growing tourism industry.
Founded in 1992, Majid Al Futtaim is the leading shopping mall, retail and leisure pioneer across the Middle East and North Africa (MENA).