UAE’s Majid Al Futtaim plans bigger investments in Egypt – official

Dubai-based Majid Al Futtaim Group plans to increase its investments in Egypt to around 44 billion Egyptian pounds ($2.7 billion) within the next few years, said its chief executive on Thursday.

Majid Al Futtaim is a shopping mall, communities, retail, and leisure group in the Middle East, Africa, and Asia, and it is the operator of Carrefour brand in Egypt.

Over the past four years, the group invested 22 billion pounds in Egypt, said Alain Bejjani after signing a cooperation protocol with the Egyptian Ministry of Housing in Cairo.

A number of global luxury brands are keen on investing in Egypt – which is one of the most promising markets – especially after the success of its economic reforms, Bejjani added.