Abdullah Al Nokrashy, regional manager of UAE’s Majid Al Futtaim, has revealed that the group’s total investments in Egypt stand at USD 2.6 bn (EGP 41.95 bn), Invest-Gate reports.

Majid Al Futtaim’s projects in the North African country have created nearly 47,500 and 76,700 direct and indirect jobs, respectively, Al Nokrashy noted during Minister of Investment and International Cooperation Sahar Nasr’s tour to the retail developer’s newly-opened mall, City Center Almaza, in east Cairo’s Heliopolis, according to a ministerial statement on October 24.

Sahar hailed the latest addition, which is also considered among the investment zones affiliated to the General Authority for Investment and Free Zones (GAFI). The latter body had contributed to the issuance of all approvals and licenses for the project, in cooperation with the Ministry of Housing, Utilities, and Urban Communities, the statement noted.

There are currently five investment zones, comprising 271 projects, valued at EGP 11 bn, and providing 350,000 job opportunities, the minister confirmed, adding that the system of investment zones has contributed to the activation of the new investment law.

Besides, the ministry is working on setting up 12 additional investment zones, which are expected to contribute to the creation of 500,000 direct and indirect jobs, while attracting EGP 78 bn worth of investments, Sahar further stated.

On September 30, Majid Al Futtaim officially opened the doors of its EGP 9.35 bn City Center Almaza shopping mall in Heliopolis, east Cairo, featuring a variety of retail and dining outlets, alongside a lineup of exceptional dining and leisure facilities, according to a previous press release.

City Center Almaza is the developer’s 14th mall coming under the City Center brand, which is the largest chain of shopping centers in the Middle East, operated by Majid Al Futtaim. It also joins to the developer’s vast portfolio of projects in Egypt, which includes three additional shopping malls: Mall of Egypt, City Center Maadi, and City Center Alexandria.