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



A new branch of Waitrose comes up in Abu Dhabi’s Khalifa City

British grocer Waitrose has opened its newest store in Abu Dhabi’s Khalifa 

Continue Reading

January 25, 2023 | By RetailME Bureau
Its Netherlands Food Week at Al Maya Supermarkets

UAE-based Al Maya Supermarkets has kicked off its ‘Netherlands Food Week’ that 

Continue Reading

January 20, 2023 | By RetailME Bureau
Tesco announces price lock to support consumers amid inflation (PC: Andrew Parsons / Parsons Media)

British grocery retail chain Tesco has announced a price lock on over 

Continue Reading

January 13, 2023 | By RetailME Bureau
Union Coop renews ISO certification

Dubai-based grocery retailer Union Coop has successfully obtained the ISO 22301, an 

Continue Reading

January 12, 2023 | By RetailME Bureau
Spanish supermarket chain Mercadona announces salary increase amid inflation (PC: Mercadona)

Spanish omnichannel supermarket chain Mercadona has announced salary increase amid inflation that 

Continue Reading

January 3, 2023 | By RetailME Bureau
Choithrams partners with Rove Hotels to open 8 new outlets

Grocery retail chain Choithrams will open eight convenience stores across Rove Hotels’ 

Continue Reading

December 30, 2022 | By RetailME Bureau
Géant to open more than 20 stores in the UAE in 2023

Part of regional retail conglomerate GMG, Géant plans to open more than 

Continue Reading

December 23, 2022 | By RetailME Bureau
FMCG online sales growing by 68% in UAE and 58% in KSA

Online share in FMCG sales has been growing all over the world, 

Continue Reading

December 19, 2022 | By RetailME Bureau
Majid Al Futtaim Retail, Standard Chartered launch region’s first Sustainable Supply Chain Finance Programme

Majid Al Futtaim Retail, operator of the Carrefour franchise in the Middle 

Continue Reading

December 15, 2022 | By RetailME Bureau
GMG and Silal partner to support 1,100 UAE farms access local retail market

UAE-based diversified conglomerate GMG and Silal have signed a memorandum of understanding 

Continue Reading

December 12, 2022 | By RetailME Bureau
Lulu Group partners with Amazon expanding grocery offerings to online customers in the UAE

Abu Dhabi based grocery retail chain Lulu Group has partnered with Amazon 

Continue Reading

November 24, 2022 | By RetailME Bureau
Food Tech Valley partners with Tradeling to boost UAE’s food ecosystem

UAE-government-led initiative Food Tech Valley – announced in 2021 by His Highness 

Continue Reading

November 17, 2022 | By RetailME Bureau

Download Images RetailME Magazine