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Thu 5 Dec 2019 12:41 PM

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Majid Al Futtaim to invest $1.5bn in Saudi, Egypt expansion plans

Majid Al Futtaim investment centred on Egypt and Saudi Arabia as well as Uzbekistan and Uganda, according to reports

Majid Al Futtaim to invest $1.5bn in Saudi, Egypt expansion plans

ubai-based Majid Al Futtaim (MAF) CEO Alain Bejjani has revealed ambitious expansion plans.

Dubai-based Majid Al Futtaim (MAF) CEO Alain Bejjani has revealed ambitious expansion plans, which include a $996.26 million investment in Egypt and a further $533.6m in Saudi Arabia.

Bejjani told Reuters that the company’s investment, which will be spread over the next two to three years, is set to include $866m on a single mall in Cairo.

Since the end of 2015 MAF has invested around $1.73 billion in Egypt.

While over in Saudi Arabia, the money will be spent building cinemas as part of a five-year $4.26bn investment plan.

MAF has already built 100 cinema screens in the kingdom since the ban on commercial cinemas was lifted in 2017, with a medium-term plan to increase that to 600.

Further expansion plans include opening seven Carrefour locations in Uzbekistan in 2020 and to open a Carrefour in Uganda on December 16, which will be the company’s first investment there.

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