CAIRO: The Egyptian Minister of Investments Ashraf Salman signed Saturday an agreement with the UAE’s Majid Al Futtaim, a leading retail and leisure pioneer across the Middle East and North Africa (MENA) to increase its investments by 5 billion EGP ($660 million) to reach up around 23 billion EGP ($3.02 billion) over the coming five years.
“We’re thrilled to announce increasing our #Egypt #investment from EGP18 bn to EGP22.5 bn” CEO Alain Bejjani Saturday wrote in a tweet after signing the agreement.
On March 8, Bejjani said in a televised interview that the group will increase its investments in Egypt to $18 billion during the Egypt Economic Development Conference (EEDC) in Sharm el-Sheikh.
The newly increased five billion EGPwill be injected to the company’s outstanding investments which include eight projects, four of them are in the new built cities and other four projects are in Cairo, Youm7 reported.
During the conference, Bejjani stated that the new investments would create 144,000 direct and indirect jobs.
In the past 15 years, the company has established a number of projects in Egypt in retail, shopping and real estate sectors through super markets and family shopping centers in Cairo, Alexandria and the recent “Mall of Egypt.”
The Mall of Egypt is under construction in 6th of October City beside the Media Production City, and is set to be inaugurated in 2016, said Bejjani in the interview.
The company, has businesses across 12 international markets in the region; it operates and owns 17 shopping malls, 11 hotels and three mixed-use communities, according to its official website.