Local mall developer Majid al-Futtaim Group (MAF) has revealed it remains committed to a five-year expansion plan of the entire business.

Speaking at a media briefing in Dubai on 29 March, group CEO Alain Bejjani said the firm “is looking to double the size of the business within five years”.

The firm, which is celebrating 20 years since the opening of Deira City Centre and 10 years since the completion of Mall of the Emirates, claims it is also committed to regional expansion.

In mid-March, MAF announced plans to increase its planned investments in Egypt by $590m over the coming five years.

Following the Egypt Economic Development Conference, MEED reported that in a memorandum of understanding signed on 15 March, 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 complex and redevelopment and expansion of another mall.

MAF’s expansion is expected to go ahead, despite projections that the regions real estate and retail markets are expected to slow down due political instability and shifting economic landscapes in light of falling oil prices and a strengthening dollar.

On the sidelines of the press briefing, Bejjani tells MEED that the company remains committed to the expansion plans with funding not being an issue. “MAF will fund its expansion in accordance with its credit rating standards – aided by a portfolio of both conventional and Sukuk bonds.”

Bejjani also confirmed that construction of Mall of Egypt in Cairo is expected to be complete by early 2016.