UAE retailer Majid Al Futtaim inks $281.6mn loan for Egypt project

A banking consortium has signed Wednesday a 2.5 billion Egyptian pounds ($281.6 million) loan for Dubai-based developer  Majid Al-Futtaim (MAF)’s latest project in Egypt.

The consortium involves Arab Bank, Bank Audi, AlexBank, Emirates NBD, National Bank of Abu Dhabi (NBAD), Mashreq Bank, and National Bank of Kuwait (NBK-Egypt),a banking source near from the talks told Amwal Al Ghad.

The loan will cover part of Majid Al-Futtaim’s Almaza City Centre project, whose investment cost is estimated at around 4 billion pounds, the source added.

This project, which is scheduled for completion in the first quarter of 2019, will provide around 36,000 direct and indirect job opportunities.

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.