Majid Al-Futtaim, a UAE-based conglomerate, has announced plans to invest $3.4 billion in new projects in Egypt. The investment will be allocated to various projects, including Junction, a high-end business district, and Elmnt 33, a lifestyle and culinary destination. These projects will be integrated into the Mall of Egypt complex. According to Khalifa Bin Braik, CEO of Asset Management at Majid Al-Futtaim, the investments will be made over a period of time.
The $3.4 billion investment includes a $400 million allocation for Junction and Elmnt 33. The remaining $3 billion will be invested in a strategic project developed in partnership with Midar for Investment and Urban Development. This project aims to develop a large-scale mixed-use urban development in New Cairo. The partnership was signed in June and is expected to contribute to Egypt's urban development goals.
Majid Al-Futtaim's business model focuses on developing mixed-use projects within cities. The company's strategy involves investing in its existing portfolio and strengthening its current shopping centers to create long-term value. Bin Braik emphasized the company's confidence in Egypt's market potential. The company has been present in Egypt for 27 years and has invested approximately $2.8 billion, creating around 226,000 direct and indirect jobs.
The new investments will be allocated to various sectors, including shopping centers, Carrefour stores, leisure and entertainment projects, and real estate developments. Majid Al-Futtaim's Egyptian portfolio includes major infrastructure projects such as Mall of Egypt, City Centre Almaza, City Centre Alexandria, and City Centre Maadi. The company also operates a network of 115 retail stores under the Carrefour and Supeco brands.
The partnership between Midar and Majid Al-Futtaim aligns with Egypt's national strategy for sustainable urban development and the goals of Vision Egypt 2030. The project aims to attract foreign direct investment, particularly from Gulf countries, into Egypt's real estate sector and large-scale urban development projects. The project will be developed in the east of Cairo and the New Capital.
The Junction Business Park project will include the first 25hours hotel in Cairo, developed in partnership with Ennismore. Elmnt 33 will feature international and local restaurants and cafes. Bin Braik highlighted the company's commitment to creating value in Egypt and contributing to the country's economic growth.
The investments by Majid Al-Futtaim demonstrate the company's confidence in Egypt's economic potential. The projects are expected to contribute to Egypt's urban development goals and create new job opportunities. The company's expansion plans in Egypt are part of its strategy to strengthen its presence in the market and create long-term value.
Key points
- Majid Al-Futtaim plans to invest $3.4 billion in new projects in Egypt.
- The investments will be allocated to mixed-use developments, including Junction and Elmnt 33.
- The projects aim to contribute to Egypt's urban development goals and create new job opportunities.
