CAIRO: Majid Al Futtaim Properties, which develops shopping malls, hotels and mixed used community projects in the MENA region, said it has expansion plans and more investments lined up for Egypt.
A statement by the company did not specify details, but said that a delegation from MAF Holding led by CEO Iyad Malas visited Cairo and met with Prime Minister Essam Sharaf to discuss “significant expansion plans in the country.”
“The development plans were received positively by the PM and reinforce the company’s long-term commitment to Egypt,” according to the statement.
Peter Walichnowski, CEO of MAF Properties, said: “We are an integral part of the Egyptian community and we are committed to support its social and economic growth. We have exciting plans for further investment in the country in the long term and the country’s economic prospects are very strong.”
Last September MAF Properties announced a $2 billion investment in four malls across the UAE, Syria, Lebanon and Egypt, as part of a wider MENA plan that will see the firm invest $4 billion.
Besides Mall of Egypt, the expansion of Maadi City Centre and the development of two more shopping malls are currently in the planning phase. Opening in five to seven years, the malls are set to generate 19,000 jobs in construction and 13,000 permanent jobs.
Mall of Egypt, which will stand on 400,000 square metres of land and offer a gross leasable area of 160,800 square metres, is expected to provide more than 9,000 jobs during construction and another 7,000 permanent ones when it opens in 2014.
Alexandria and Maadi City Centres attract more than 26 million visitors annually, the firm said, and represent an investment to date by MAF Properties of LE 2.5 billion.
