Dubai shopping mall developer Majid Al-Futtaim (MAF) has announced plans to increase its planned investments in Egypt by $590 million over the coming five years.

In a memorandum of understanding signed on 15 March at the Egypt Economic Development Conference in Sharm el-Sheikh, MAF said the increased investment was being made to fund new projects including the development of four shopping malls and other facilities in greater Cairo, and the introduction of VOX cinemas over the next five years.

MAF said the projects would come on top of its existing $2.4bn, five-year plan to invest in Egypt, which includes a large shopping new complex and redevelopment and expansion of another mall.

Feasibility studies

The additional investment has been 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. About $66mof the additional investments have been allocated to introduce the largest and first local VOX cinemas.

Speaking at the signing ceremony, MAF chief executive officer Alain Bejjani said the new projects, included a new $460m City Centre mall, under the name of City Centre Almaza, and the major redevelopment and $525m expansion of City Centre Maadi. MAF said it was currently undertaking feasibility studies for four potential plots to develop neighbourhood centres in Cairo.

“The government succeeded in creating an investment climate that has encouraged Majid Al Futtaim to increase its investment to EGP22.5bn($2.95bn), in addition to unlocking two major investments as part of the original EGP18bn ($2.36bn) plan,” said Bejjani in a statement. “The additional projects affirm our strong belief in the vast opportunities available in the Egyptian market. Moreover, we were honoured by the president’s presence in our press conference, which further cements the intent to advancing the Egyptian economy.”

“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,” said Egypt’s Minister of Investment Ashraf Salman. “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.”

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