Leading retail UAE-based firm Majid Al-Futtaim (MAF) is investing 23 billion Egyptian pounds (US$3 billion) in Egypt over the next five years CEO of Majid Al-Futtaim Alain Bejjan said Thursday.
He made those remarks during a ceremony to lay the foundation for the Almaza City Centre project in Cairo, clarifying that the project total investments is estimated at 4 billion pounds.
Almaza City Centre is part of a series of malls by retail and leisure business, Majid Al Futtaim.
However, t he company investments in Egypt also includes the construction of Mall of Egypt with investments worth 4.9 billion Egyptian pounds and the expansion of Carrefour hypermarkets in Alexandria and Maadi City Centres with investments worth EGP 70 million and EGP 3.9 billion respectively.
Founded in 1992, Majid Al Futtaim is the leading shopping mall, retail and leisure pioneer across the Middle East and North Africa (MENA). Majid Al-Futtaim owns and operates 17 shopping malls, 11 hotels and three mixed-use communities in MENA.