Dubai Retail Giant Majid Al-Futtaim Eyes a new Financing from NBE

UAE leading retail developer Majid Al-Futtaim (MAF) is seeking a new financing from Egypt’s largest state-owned bank, the National Bank of Egypt (NBE). The targeted financing is designated for MAF’s new expansions in Maadi and New Cairo districts.

This comes after a meeting had been held by end of last week between officials from the MAF and NBE.

The National Bank of Egypt has expressed its initial approval to finance the new expansions by MAF, a source from the bank with knowledge of the talks told Amwal Al Ghad on Sunday. The bank had already arranged an earlier loan worth 3 billion Egyptian pounds in favour of MAF, to finance the establishment of Mall of Egypt.

“Majid Al Futtaim is committed to maintaining and expanding its business in Egypt, especially that we believe that the market is ready for more investment. We are optimistically looking forward to further growth – growth we believe will yield beneficial results not only to our business, but to the economy at large,” Abdallah El Nockrashy, Majid Al Futtaim Properties Country Head for Egypt said in an earlier statement on Sunday.

“Egypt is undergoing a great transformation that promises a new age of prosperity. As such we’re keen to actively take part in this process through establishing a project that will create thousands of direct and indirect job opportunities, as well as, encourage current players in the retail industry to expand their businesses and open new opportunities.”