By Staff writer
Majid Al Futtaim inks agreement with consortium of banks for financing its latest retail project in Egypt
Majid Al Futtaim, the Dubai-based shopping mall operator, has announced that it has signed a EG2.5 billion pound ($281.6 million) loan deal for its latest project in Egypt.
The agreement was signed with a consortium involving Arab Bank, Bank Audi, Alex Bank, National Bank of Abu Dhabi, Emirates NBD, Mashreq and National Bank of Kuwait, a statement said.
The loan will cover part of Majid Al-Futtaim's Almaza City Centre project, whose investment cost is estimated at around EG4 billion pounds, it added.
The project, which is scheduled for completion in the first quarter of 2019, will provide around 36,000 direct and indirect job opportunities.
Majid Al Futtaim announced earlier this week that its net profit from continuing operations increased by 29 percent to AED3.3 billion ($898.4 million) during 2015.
The retail giant said that overall group revenue rose by 8 percent year-on-year to AED27.3 billion for full year 2015.
The year saw the opening of the new Mall of the Emirates 36,000 sq m expansion and completion of City Centre Muscat's 10,000 sq m redevelopment while the company's VOX Cinemas unit was the fastest growing cinema chain, adding 58 new screens in the region.
The company also added nine new Carrefour hypermarkets, 11 new supermarkets and five convenience stores, the statement said, adding that its City Centre network expanded to 13 malls in the region with the opening of City Centre Me'aisem and City Centre Shindagha.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.