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