MAF signs MoU with Egyptian government, announces new projects

March 15, 2015 | By RetailME Bureau

Dubai-based Majid Al Futtaim (MAF) has signed a memorandum of understanding (MoU) with the Egyptian government for new projects, announcing an increase in its total investments from EGP18 billion to EGP22.5 billion.

The additional investment of EGP4 billion is allocated for the development of four neighbourhood centres in the new residential cities in Cairo – for which MAF is currently undertaking feasibility studies – as well as 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 next five years.

MAF also unveiled two new projects, as part of the original EGP18 billion investment plan, including the new City Centre Almaza with investments of EGP3.5 billion and the major redevelopment and expansion of City Centre Maadi with investments of EGP4 billion.

“The Egyptian government has succeeded in creating an investment climate, encouraging us to increase 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,” says Alain Bejjani, CEO of MAF Holding.

MAF’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, 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.

“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 MAF has a significant role to play in the development of our country’s retail landscape and economy in general,” adds Ashraf Salman, Egypt’s minister of investment.



Previous Article Next Article


Union Coop, a consumer cooperative in the UAE, revealed that 78% of 

Continue Reading

August 24, 2021 | By Jibran Chouguley

Union Coop has opened its 23rd branch within the UAE in Jumeirah 

Continue Reading

August 2, 2021 | By Jibran Chouguley

Nando’s has revealed their revamped Sheikh Zayed Road outlet where newcomers and 

Continue Reading

July 8, 2021 | By Jibran Chouguley

UAE-based Al Maya Group announced that it will be boosting import of 

Continue Reading

June 24, 2021 | By RetailME Bureau

UAE-based grocery retail chain, Grandiose has opened its first hypermarket in Abu 

Continue Reading

June 2, 2021 | By RetailME Bureau

UAE-based Carrefour announced its theme and plans for Ramadan 2021. The brand 

Continue Reading

March 31, 2021 | By RetailME Bureau

Locally owned supermarket Spinneys celebrates 60 years of doing business in the 

Continue Reading

March 9, 2021 | By RetailME Bureau
Almarai, Carrefour, Emirates have the most loyal customers

UAE-based Carrefour will become the first retailer in the region to offer new levels 

Continue Reading

February 22, 2021 | By RetailME Bureau

The Organic Farmers’ Market is back in Bay Avenue for its 12th 

Continue Reading

February 17, 2021 | By RetailME Bureau

UAE-based  Lulu Group recently inaugurated its first-ever all-female staff store in Jeddah, 

Continue Reading

February 15, 2021 | By RetailME Bureau
Jones the grocer

Jones the Grocer, the gourmet grocer and cheese retailer launches the Jones 

Continue Reading

February 1, 2021 | By RetailME Bureau

UAE-based Al Maya Supermarkets is hosting a two-week food festival at select 

Continue Reading

January 17, 2021 | By Lawrence Pinto

Download Images RetailME Magazine