Mohamed Abdel Wahab, executive director of the General Authority for Investment and Free Zones (GAFI), approved a total of 103 projects within the investment zone of City Centre Almaza, Invest-Gate reports.
This came during a meeting headed by Abdel Wahab, urged for issuing the permits for the approved business activities from the executive office, in the presence of the investment zone’s unnamed chairman and other officials, according to an official statement on May 17.
The meeting reviewed the executive position of the 123,000-square-meter investment zone, which is affiliated to Majid Al Futtaim and was opened in December 2019. Basically, it will boast about 280 retail outlets for local and international brands and cinemas, in addition to entertainment venues and a two-story garage that can accommodate up to 4,000 cars, with investments worth EGP 9 bn.
In late 2019, Former Minister of Investment and International Cooperation Sahar Nasr had officially inaugurated the USD 580 mn (EGP 9.35 bn) City Centre Almaza, which marks the next step in the group’s growth strategy for Egypt, CEO of Shopping Malls at Majid Al Futtaim Properties Ghaith Shocair claimed back then.
According to the CEO, UAE’s Majid Al Futtaim has invested EGP 26 bn into the Egyptian market in the last five years, providing 126,000 direct and indirect jobs. Moreover, the company intends to pump EGP 44 bn long-term investments at a faster pace in the near future, according to a previous statement.