Majid Al Futtaim, the leading shopping malls, retail and entertainment company in the Middle East, Africa and Asia, is celebrating 25 years of operations in Egypt this month, Invest-Gate reports.
The company commissioned a report by Jones Lang LaSalle (JLL) to highlight its impact and successes in the Egyptian market.
CEO of Majid Al Futtaim Holding Ahmed Galal Ismail shared initial findings in Cairo, discussing the company’s transformation of Egypt’s retail, real estate and entertainment industry since its arrival in 2002.
Majid Al Futtaim’s Egypt portfolio spans 14 cities and includes four malls, 70 Carrefour stores, six entertainment centers and 44 VOX Cinemas screens. It accounts for 21% of the modern retail market and welcomes over 90 million visitors annually.
Ahmed Galal Ismail said, “As we mark 25 years in Egypt, we are proud of our role in contributing to national growth. Our malls established community hubs, reshaped landscapes and created countless jobs. Our $2.5 bln investment over two decades shows our support for the country.”
He added their plans include robust expansion of Carrefour, with revenues targeted to reach EGP 100 bln over the next decade.
Continued Partnership and Investments
Majid Al Futtaim is planning significant investments in Egypt with EGP 20 bln pounds slated for new malls, extensions and refurbishments by 2030.
An additional EGP 4.6 bln will expand Carrefour to 130 stores by 2025 and grow Supeco to 144 stores by 2030. Investments will also support VOX Studios, launched in 2021, to produce 25 Arabic films by 2025.
Beyond investments, Majid Al Futtaim’s community focus has driven decisions, creating jobs and development. With 9,000 direct employees and thousands of indirect retail jobs, it is one of Egypt’s largest non-oil foreign investors.
To build sustainability, Majid Al Futtaim engages in partnerships beyond employment, like collaborating with UNICEF to enable education access for over 2 million Egyptian children.
Its “Dare Today, Change Tomorrow” strategy aligns with 14 UN Sustainable Development Goals. This includes renewable energy projects, generating over 4.7 mn kWh of on-site renewable energy across its malls. A partnership with Engazaat, an integrated power and water producer, also provides businesses with sustainable utilities.
The Majid Al Futtaim 25 Years of Impact Report will be released later this year.