Cairo – Mubasher: Dubai-based retail group Majid Al Futtaim (MAF) plans to double its investments in Egypt to reach EGP 23 billion through the upcoming five years, said CEO of Majid Al-Futtaim Alain Bejjani.
The investment cost of Almaza City Centre stands at nearly EGP 4 billion, noted Bejjani on the sideline of press conference at the ceremony of placing the project’s cornerstone.
The group pumped investments totaling EGP 800 million since February 2014.
MAF owns and manages 17 commercial malls in the Middle East; 11 are based in United Arab Emirates and 2 are Cairo-based. Excluding the five new projects, MAF investments in Egypt, which commenced in 1998, amount to EGP 2.5bn.
