Majid Al Futtaim boosts Egypt investments to over EGP22.5 billion
EGYPT. In a press conference held yesterday at the Egypt Economic Development Conference (EEDC), Majid Al Futtaim, the retail and leisure pioneer across the Middle East and North Africa (MENA), and a Platinum sponsor of the EEDC, announced the increase of its total investments from EGP18 billion to EGP22.5 billion.
During the conference, Alain Bejjani, CEO of Majid Al Futtaim - Holding, signed a Memorandum of Understanding (MoU) for the new projects with the Egyptian government.
Under the signed MoU, new additional investment of EGP4 billion is allocated for the development of four neighbourhood centres in the new residential cities in Cairo as well as the development of four new shopping malls in greater Cairo. Moreover, EGP500 million worth of investments will be allocated to introduce the largest and first local VOX cinemas over the coming five years.
In addition, Alain Bejjani, CEO of Majid Al Futtaim, unveiled two new projects forming part of the original EGP18 billion investment plan, including a new City Centre, under the name of City Centre Almaza, with investments of EGP3.5 billion, and the major redevelopment and expansion of City entre Maadi, with investments of EGP4 billion.
“The government succeeded in creating an investment climate that has encouraged Majid Al Futtaim to increase its investment to EGP22.5 billion, in addition to unlocking two major investments as part of the original EGP18 billion plan. The additional projects affirm our strong belief in the vast opportunities available in the Egyptian market,” Alain Bejjani, CEO of Majid Al Futtaim – Holding.
Majid Al Futtaim’s latest investment follows closely after the recent announcement of its five year investment plan worth EGP18 billion. The plan includes, among others, developing Mall of Egypt with investments of EGP5 billion, the expansion of Carrefour hypermarkets and supermarkets network to 55 branches by end of 2019 with investments of EGP5 billion, and the recent expansion of City Centre Alexandria with investments of EGP70 million.
H.E Ashraf Salman, Egypt’s Minister of Investment said: “As Egypt is undergoing a much needed economic reform process, we are working restlessly to identify the proper partners who will collaborate with us as we endeavour to achieve prosperity for all Egyptians. As such, it is important for us to work with experienced, committed partners and we believe that Majid Al Futtaim has a significant role to play in the development of our country’s retail landscape and economy in general.”
Majid Al Futtaim is currently undertaking feasibility studies for four potential plots to develop neighbourhood centres in Cairo. The new developments are set to meet the continuously rising demand, both locally and regionally, for integrated lifestyles that combine modernity and convenience, offering great moment for everyone, every day.
Majid Al Futtaim’s mall portfolio has become world renowned for innovation within the shopping centre, retail, design and construction industries and its iconic brands are intertwined with the lives of more than 250 million people each year. In 2014, its existing shopping malls in Egypt attracted more than 25 million visitors, highlighting the company’s ability to contribute to Egypt’s growing tourism industry.
Photo Caption: Alain Bejjani, CEO of Majid Al Futtaim – Holding.
About Majid Al Futtaim
Founded in 1992, Majid Al Futtaim is the leading shopping mall, retail and leisure pioneer across the Middle East and North Africa (MENA).
A remarkable business success story, Majid Al Futtaim started from one man’s vision to transform the face of shopping, entertainment and leisure to ‘create great moments for everyone, every day’. It has since grown into one of the United Arab Emirates’ most respected and successful businesses spanning 12 international markets, employing 27,000 people, and achieving the highest credit rating (BBB) among privately-held corporates in the Middle East.
Majid Al Futtaim owns and operates 17 shopping malls, 11 hotels and three mixed-use communities in MENA, with further developments underway in the region. The shopping malls portfolio includes Mall of the Emirates, City Centre malls, and also four community malls which are in joint venture with the Government of Sharjah. It holds exclusive rights to the Carrefour franchise in 38 markets across Middle East, Africa and Central Asia, operating a portfolio of over 55 hypermarkets and over 65 supermarkets in 12 countries.
Majid Al Futtaim operates 129 VOX Cinema screens and 17 Magic Planets across the region, in addition to iconic leisure and entertainment facilities such as Ski Dubai and iFly Dubai, among others. Majid Al Futtaim launched the first LEGO-certified store in the Middle East and is parent to the consumer finance company issuing 'Najm' credit cards, a fashion retail business representing international brands such as Abercrombie & Fitch, Juicy Couture and Halston Heritage, and a healthcare business. In addition, it also has a joint venture operation with Dalkia and has recently expanded into food and beverage in partnership with Gourmet Gulf.
