The United Arab Emirates-based Majid Al Futtaim Group (MAF) has launched construction of the first of a series of major shopping, entertainment and leisure projects in Egypt, said a press release.
The Group, which introduced itself as the leading property development company in the Gulf, expects to invest several hundred million US dollars in Egypt over the next 10 years in a move that marks MAF's first investment initiative outside the Gulf region.
The Governor of Cairo, Abdel Rehim Shehata, inaugurated MAF's investment by laying the foundation stone of the Maadi City Center on the outskirts of Cairo, a complex that will include a huge Carrefour hyper market, more than 40 shops, a number of restaurants and a family entertainment center. The shops will feature a large range of top quality Egyptian products as well as international brands targeted to meet the increasing demands of the Egyptian consumer.
"Our investment in Egypt is the first made by the Group outside the Gulf. It is a logical move inspired by the encouraging business environment created by President Hosni Mubarak and his government.
"And as a significant Arab group we want to be involved in the largest Arab market and to play an active role in the growing economic cooperation between Egypt and the United Arab Emirates," said Saeed Al Tayer, chairman of MAF at the foundation stone laying ceremony.
Al Tayer said that the Majid Al Futtaim Group anticipated investing several hundred million US dollars in a number of projects in Egypt over the next decade. "This level of commitment reflects our confidence in the country's economy as well as in the level of awareness and understanding of the Egyptian Government of the role of the Arab investments in the economic development of Egypt." – Albawaba.com
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