Dubai’s Majid Al Futtaim: Mall of Egypt project to open in March 2017

Dubai-based mall operator Majid Al Futtaim announced on Monday that it is moving ahead with the final phases of its Mall of Egypt project, with the opening scheduled for March 2, 2017.

Mall of Egypt represents an investment of 6 billion Egyptian pounds ($680 million) and will include the launch of Ski Egypt, Africa’s first ski slope, and the country’s first VOX Cinemas Cineplex, the company said in a statement.

Located in 6th of October City, the two-level mall will feature over 350 outlets and 50 food and beverage outlets, the company added.

The mall spans a gross leasable area (GLA) of 165,000 square metres and will provide customers with 6,500 parking spaces.

Majid Al Futtaim, which currently owns and operates 20 shopping malls across the Middle East and North Africa, reported an 11 percent increase in group revenues for the first six months of 2016 to AED 15.2 billion ($4.13 billion).

The group also reported total assets valued at AED 52 billion and net debt of around AED10 billion in its preliminary unaudited results for the first half of 2016.

Source: Arabian Business