Majid Al Futtaim, the retail and leisure pioneer across the Middle East and North Africa (Mena), has announced plans to invest over E£22.5 billion ($2.9 billion), up from E£18 billion ($2.35 billion), in Egypt mainly to develop new malls and neighbourhood centres and also introduce the largest and first local VOX cinemas over the coming five years.

The investment plan involves new malls, redevelopments and major expansions, said Alain Bejjani, the CEO of Majid Al Futtaim - Holding, after signing a memorandum of understanding (MoU) for the new projects with the Egyptian government officials at the Egypt Economic Development Conference in Sharm El Sheikh.

As per the deal, new additional investment of E£4 billion ($524.5 million) has been allocated for the development of four neighbourhood centres in the new residential cities in Cairo as well as the development of four new shopping malls in greater Cairo.

Moreover, E£500 million ($65.6 million) worth of investments will be allocated to introduce the largest and first local VOX cinemas over the coming five years, stated Bejjani.

In addition, the company chief unveiled two new projects forming part of the original E£18 billion investment plan, including a new City Centre, under the name of City Centre Almaza, with investments of E£3.5 billion, and the major redevelopment and expansion of City entre Maadi, with investments of E£4 billion ($524.5 million).

On the new deal, Bejjani said:"The government succeeded in creating an investment climate that has encouraged Majid Al Futtaim to increase its investment to E£22.5 billion, in addition to unlocking two major investments as part of the original E£18 billion plan. The additional projects affirm our strong belief in the vast opportunities available in the Egyptian market."

Egypt’s Minister of Investment Ashraf Salman said: "As the country 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," he added.

Majid Al Futtaim’s latest investment follows closely after the recent announcement of its five-year investment plan worth E£18 billion.

The plan includes, among others, developing Mall of Egypt with investments of E£5 billion, the expansion of Carrefour hypermarkets and supermarkets network to 55 branches by end of 2019 with investments of E£5 billion, and the recent expansion of City Centre Alexandria with investments of E£70 million, he added.
 
Majid Al Futtaim is currently undertaking feasibility studies for four potential plots to develop neighbourhood centres in Cairo. The new developments are set to meet the continuously rising demand, both locally and regionally, for integrated lifestyles that combine modernity and convenience, offering great moment for everyone, every day.
 
The UAE retail giant's mall portfolio has become world renowned for innovation within the shopping centre, retail, design and construction industries and its iconic brands are intertwined with the lives of more than 250 million people each year.

In 2014, its existing shopping malls in Egypt attracted more than 25 million visitors, highlighting the company’s ability to contribute to Egypt’s growing tourism industry.
 
Majid Al Futtaim currently owns and operates 17 shopping malls, 11 hotels and three mixed-use communities in the Mena region, with further developments underway in the region.

The shopping malls portfolio includes Mall of the Emirates, City Centre malls, and also four community malls which are in joint venture with the government of Sharjah. It holds exclusive rights to the Carrefour franchise in 38 markets across Middle East, Africa and Central Asia, operating a portfolio of more than 55 hypermarkets and over 65 supermarkets in 12 countries.  
 
Majid Al Futtaim operates 129 VOX Cinema screens and 17 Magic Planets across the region, in addition to iconic leisure and entertainment facilities such as Ski Dubai and iFly Dubai.-TradeArabia News Service