UAE-based shopping and FEC owner Majid Al Futtaim (MAF) will be investing around US$796m in Egypt, it was announced this week.
The company, which operates nearly 40 Magic Planet family entertainment centres across the Middle East through its entertainment division, is principally a developer and operator of shopping malls into which its fun business invariably has a place.
The group is now planning to expand its presence in Egypt, with some of the investment going into its property portfolio to invest in new projects that include extension and refurbishments to existing malls and entertainment centres by 2030.
Since 1998, MAF states that it has invested $2.5bn in Egypt and created 144,000 jobs.
Ahmed Galal Ismail, CEO of Majid At Futtaim Holding said: “Our investment of $2.5bn over the last two decades is a testament to our unwavering support for the country while our future investments include robust growth plans for Carrefour and Supeco stores and our aspiration is to achieve EGP100bn in revenues over the next decade.
“However, the Majid Al Futtaim journey in Egypt extends far beyond direct capital spend, supporting key initiatives in support of Vision 2030, such as of education, employment, sustainable and economic prosperity.”
MAF operates shopping malls across the Middle East, has widespread interests in retail and hotels and has an entertainment chain that includes Ski Dubai, a wide range of Magic Planet FECs across the region, a water park, Lego stores, a ski attraction in Egypt, iFly Dubai, Snow Abu Dhabi, Orbi Dubai, the chain of Little Explorers children’s attractions and the VOX cinema chain.
