Majid Al Futtaim Holding announced it will open a new mall in Egypt, the Mall of Egypt, worth a total investment of EGP 4.9bn in 2016. The mall will be located in 6th of October city on Al-Wahat Road.
The company added that the mall will be constructed over 165,000sqm. It also added that it “has invested EGP 250m in road works to provide traffic solutions for the roads surrounding the site to facilitate traffic flow in the area and allow visitors direct and safe access/egress from Al-Wahat Road”.
Majid Al Futtaim said it has subcontracted 9,000 engineers and workers, from both international and Egyptian companies, to complete the construction.
“Majid Al-Futtaim has been operating in Egypt for more than 12 years, providing Egyptians with dynamic retail experiences from Cairo to Alexandria as well as other governorates,” said Alain Bejjani, Chief Corporate Development and Brand officer at Majid Al-Futtaim Holding.
“Egypt is one of the most promising markets in the region; our commitment to investing in Egypt has been and will continue to be a strategic one that we seek to develop through pumping new investments as the country moves to a new promising phase,” he added.
In August, the International Finance Corporation (IFC), a member of the World Bank Group, and the European Bank for Reconstruction and Development (EBRD) announced that they approved a $60m loan to complete the Mall of Arabia.
The international institutions’ loans were also be accompanied by a $20m loan by the Commercial International Bank (CIB).