The New Urban Communities Authority (NUCA) and Majid Al Futtaim have signed a protocol of cooperation for the establishment and management of commercial hubs in the new cities of NUCA, Invest-Gate reports.

The protocol was signed between Vice Chairman of NUCA’s Financial and Administrative Affairs, Mazen Hassan, and Regional Chairman of Majid Al Futtaim in Egypt, Abdullah Al Nuqrashi, in the presence of Minister of Investment and International Cooperation, Sahar Nasr, according to a ministerial statement.  

In a press conference held on the sidelines of the protocol signing, Deputy Chairman of the NUCA Mazen Hassan underlined that the protocol is expected to contribute to the recovery of the Egyptian economy and to create more direct and indirect employment opportunities, in addition to providing distinct recreational and social means for citizens via these hubs, the statement added.

Hassan reiterated that the protocol of cooperation comes under President Sisi’s directives to establish a number of commercial centers throughout Egypt in order to provide commodities of various types, including basic commodities for the Egyptian citizen with high quality, and fair market value.

It is worth noting that Majd Al Futtaim has commenced its activity in Egypt since 1989, through the inauguration of a number of commercial centers, in addition to 36 branches of retail stores throughout the country; deeming it a key partner in the retail market in Egypt.