Majid Al Futtaim, the UAE-based shopping mall and leisure industry operator, will increase its planned investments in Egypt by 4.5 billion Egyptian pounds ($590 million), the company said on Sunday.
In a memorandum of understanding signed with Egypt's government at an international economic conference in the Egyptian town of Sharm El Sheikh, Majid Al Futtaim said the projects would come on top of an existing 18 billion Egyptian pound, five-year plan to invest in Egypt.
The new projects include development of four shopping malls and other facilities in greater Cairo, and the introduction of VOX cinemas over the next five years.
Majid Al Futtaim also released details of projects under its existing investment plan, including a large new shopping complex and redevelopment and expansion of another mall.
In 2014, the company's existing shopping malls in Egypt attracted more than 25 million visitors.
government succeeded in creating an investment climate that has encouraged
Majid Al Futtaim to increase its investment to EGP22.5 billion, in addition to
unlocking two major investments as part of the original EGP18 billion plan. The
additional projects affirm our strong belief in the vast opportunities
available in the Egyptian market,” Alain Bejjani, CEO of Majid Al Futtaim –
Ashraf Salman, Egypt's Minister of Investment added: "As Egypt is undergoing a much needed economic reform process, we are working restlessly to identify the proper partners who will collaborate with us as we endeavour to achieve prosperity for all Egyptians.
"As such, it is important for us to work with experienced, committed partners and we believe that Majid Al Futtaim has a significant role to play in the development of our country's retail landscape and economy in general."
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