UAE-based Majid Al Futtaim expects to complete all the construction works, with the opening expected to take place during the first quarter of 2016 for its most recent mega project, Mall of Egypt.
Mall of Egypt will be built on two floors over 440,000 m2. It will also have, for the first time in Africa, a Ski Slope over a quarter of a kilometre long. Also, for the first time in Egypt, there will be 4D cinema screens.
Majid Al Futtaim has invested EGP 250m in building road and bridge solutions that will help people get into the mall. The mall is expected to create 41,000 direct and indirect job opportunities.
The company plans to invest EGP 17.9bn in Egypt over the next five years; creating 140,000 direct and indirect job opportunities. This investment includes EGP 4.9bn in the Mall of Egypt project, and EGP 3.2bn in the new City Centre Almaza project.
Majid Al Futtaim’s five-year plan for Egypt also includes investing EGP 3.9bn in the expansion of the City Centre Maadi. This project will start during the second or the third quarter of 2015, and is expected to take three years to complete.
With regards to Carrefour branches, there are currently 23 branches in Egypt, and Majid Al Futtaim is planning to establish new branches for EGP 5.2bn to bring up the figure to 32 branches throughout Egypt, including outlets in Hurghada, Sharm El-Sheikh, Tanta, Menufiya and Dakahlia.
The value of Majid Al Futtaim’s already-established projects – City Centre Maadi and City Centre Alexandria – is approximately EGP 2.5bn.
Majid Al Futtaim’s plan in 2015 will focus on looking at different opportunities in the commercial malls industry or the residential market. The company was said to already have the largest residential project in Muscat, Oman as well as UAE and Lebanon.
