CAIRO: The UAE’s Majid Al Futtaim, a leading retail and leisure pioneer across the Middle East and North Africa (MENA), plans to increase its investments in Egypt to 18 billion EGP ($2.35 billion,) which will be announced at Egypt Economic Development Conference (EEDC) scheduled March 13.15, CEO Alain Bejjani, said in a televised phone interview late Sunday.
Egypt-UAE bilateral relations have seen a boom particularly after the ouster of former president Mohamed Morsi in July 2013 following mass protests against his rule.
“We are (Majid Al Futtaim) so proud to have an opportunity to participate in the Economic Conference,” Bejjani told CBC channel, adding that the new investments will create around 144,000 direct and indirect jobs.
Reiterating commitment to support Egypt’s economy, the newly appointed CEO of Majid Al Futtaim Holding, Bejjani said the company has been doing business in Egypt for 15 years in retail, shopping and real estate sectors through a number of projects mainly, hyper markets and family shopping centers in Cairo, Alexandria and the recent “Mall of Egypt.”
The Mall of Egypt is located in the 6th of October City beside the Media Production City. The project is under construction and set to be inaugurated in 2016, said Bejjani.
“Despite the challenges Egypt faced over the past period (after the January 2011 Revolution), we have not suspended our investments in the “Mall of Egypt”, nor the expansion plan for Alexandria’s City Center,” he added.