UAE retail conglomerate Majid Al Futtaim CEO Alain Bejjani has revealed planned investments worth EGP 16 bn (USD 996.26 mn) in Egypt over the next two to three years, EGP 14 bn (USD 866.64 mn) of which will be allocated for a single mall in Cairo, Reuters reports.
The retail group has invested around EGP 28 bn in Egypt since the end of 2015, Bejjani added in a recent interview with Reuters, noting that Majid Al Futtaim also plans to expand into Saudi Arabia, Uzbekistan, and Uganda.
In KSA, the company will spend EGP 8.62 bn (USD 533.6 mn) building cinemas, coming as part of a five-year investment plan valued at EGP 68.91 bn (USD 4.267 bn), the CEO underlined.
“We will open seven Carrefour locations in Uzbekistan in 2020 and on December 16 we will open a Carrefour in Uganda,” Bejjani highlighted, adding they will also enter other markets.
Earlier in October, Abdullah Al Nokrashy, regional manager of UAE’s Majid Al Futtaim, said that the group’s projects have created nearly 47,500 and 76,700 direct and indirect jobs, respectively in Egypt.
