Dubai retailer MAF to invest $2.3bn in Egypt

Dubai-based Majid Al Futtaim Group plans to invest around $2.3bn in Egypt over the next few years, said the company’s CEO. (File photo: Reuters)

Dubai retail group Majid Al Futtaim plans to invest about $2.3 billion in Egypt over the next few years, its chief executive said on Wednesday, in a sign of Gulf investors’ growing interest in the Egyptian economy.

“Total investments on the plan, including Carrefour, should be around 16 billion Egyptian pounds over the next four to five years,” Iyad Malas told Reuters on the sidelines of the World Economic Forum in Davos.

MAF, the sole franchisee of Carrefour hypermarkets in the Middle East, will expand one of its shopping malls in Cairo’s Maadi district at a cost of $459 million, and begin construction next week of another mall next to Cairo’s main airport that will cost a similar amount, Malas said.

In addition, the company expects to complete construction of its ‘Mall of Egypt’ project near Cairo by the end of 2015 at a cost of $70m, while the Carrefour operation plans further investments, he said.

Last Update: Wednesday, 20 May 2020 KSA 09:41 - GMT 06:41