Green light for Majid Al Futtaim’s Egypt investment plan
Egypt’s prime minister has endorsed Majid Al Futtaim’s (MAF) five-year Dh8.7 billion investment plan in the country.
The UAE company behind the Mall of the Emirates and the City Centre mall brands announced plans this year for the development of three new shopping malls in Egypt, together with the redevelopment of City Centre malls in Maadi and Alexandria.
MAF is also set to open another 32 Carrefour hypermarket outlets countrywide. The combined projects are expected to generate more than 125,000 direct and indirect jobs.
MAF said yesterday that it had received an official endorsement for its projects from the prime minister, Ibrahim Mahleb, during an official visit by the company’s chief executive, Iyad Malas, and its head of Egyptian operations, Abdalla El Nockrashy.
“Egypt continues to be a key market for us and we remain committed to our investments there,” said Mr Malas.
The prime minister’s endorsement of MAF’s investment plan is the latest demonstration of deepening economic ties between the UAE and Egypt.
This comes after the UAE extended US$6bn of support to the country following the removal of the former president, Mohammed Morsi, in July.
This month Arabtec announced a US$40 billion contract for the construction of one million homes.
Last month Emaar Properties’ Egyptian unit, Emaar Misr, announced it would spend up to 6bn pounds on a residential and commercial scheme in Cairo.
MAF has had operations in Egypt for more than 10 years. Last year the company began construction of the 4.9bn pound Mall of Egypt in Cairo, which is expected to create 41,000 jobs.
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Updated: March 22, 2014 04:00 AM