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.
Words by Farimah Moeini, Snapchat Head of Industry – Retail and Travel TheJuly 5, 2021 | By RetailME Bureau
Snapchat has been betting big on Augmented Reality’s (AR) retail future consideringJune 22, 2021 | By Jibran Chouguley
Union Coop, a consumer cooperative in the UAE, revealed that 78% of
Union Coop has opened its 23rd branch within the UAE in Jumeirah
Nando’s has revealed their revamped Sheikh Zayed Road outlet where newcomers and
UAE-based Al Maya Group announced that it will be boosting import of
UAE-based grocery retail chain, Grandiose has opened its first hypermarket in Abu
UAE-based Carrefour announced its theme and plans for Ramadan 2021. The brand
Locally owned supermarket Spinneys celebrates 60 years of doing business in the
UAE-based Carrefour will become the first retailer in the region to offer new levels
The Organic Farmers’ Market is back in Bay Avenue for its 12th
UAE-based Lulu Group recently inaugurated its first-ever all-female staff store in Jeddah,
Jones the Grocer, the gourmet grocer and cheese retailer launches the Jones
The Sultanate’s largest shopping destination, Mall of Oman, which opened its doors
Dubai Outlet Mall has announced a strategic partnership with Lulu Group to
UAE-based REDTAG will launch its specialized, new outlet in City Centre Deira
UAE-based Al-Madina Group opened two new projects, Crown Mall and Mango Hypermarket,
UAE-based REDTAG has launched its latest retail outlet on at Doha’s City Center
UAE-based Carrefour has opened a new store at the world’s busiest international
FILA has opened its new futuristic flagship store in Dubai Mall. The 158m²
UAE-based Times Square Center is getting ready to reveal its newly refurbished,
UAE-based Majid Al Futtaim has officially opened its newest lifestyle and retail
Carrefour has announced that it is expanding its robotic fleet, adding 11
Marking the 200th hypermarket opening in Cairo, Egypt, LuLu is celebrating the
Emerging technologies and IT integration in businesses have been taking place for